BAKU, Azerbaijan, October 29. French energy
company TotalEnergies has acquired a 25% working interest in 26
exploration leases operated by U.S. energy major Chevron in
offshore U.S. waters, TotalEnergies said on October 28.
As part of the transaction, Chevron has acquired a 75% operated
interest from TotalEnergies in two exploration leases adjacent to
existing exploration leases jointly held by the companies.
The 26 leases acquired by TotalEnergies are located 150 to 250
kilometres offshore and comprise 24 blocks in the Green Canyon area
and two blocks in the Walker Ridge area. The blocks target
established hydrocarbon plays.
“This transaction further strengthens the successful
collaboration between TotalEnergies and Chevron and expands
TotalEnergies’ U.S. offshore exploration portfolio,” the company
said.
The deal builds on TotalEnergies’ entry into 40 Chevron-operated
exploration blocks in June 2025. Together, the companies’
exploration interests provide access to multiple exploration plays
and prospects, complementing TotalEnergies’ existing stakes in
producing offshore assets in the United States.
These include the Ballymore field, in which TotalEnergies holds
a 40% interest, Anchor (37.14%), Jack (25%) and Tahiti (17%).
“This transaction with Chevron further strengthens our joint
exploration portfolio in the United States. It provides
TotalEnergies with access to a new set of high-impact opportunities
with the potential to unlock value-accretive, low-emissions
resources while leveraging the complementary strengths of both
companies,” said Nicola Mavilla, Senior Vice President of
Exploration at TotalEnergies.
TotalEnergies expands its U.S. energy
portfolio.
TotalEnergies has operated in the United States since 1957 and
is pursuing an integrated energy strategy spanning oil and gas,
liquefied natural gas (LNG), and electricity.
Since 2022, the company has invested nearly $12 billion in the
United States to accelerate the development of its oil, LNG and
power businesses.
The company is integrated across the LNG value chain, with
upstream gas production assets in Texas and offshore US waters.
TotalEnergies exported 19 million tonnes of U.S. LNG in 2025,
making it the country’s largest LNG exporter, according to the
company.
The United States is also a key market for its integrated power
strategy, with 10 gigawatts of installed power capacity.
TotalEnergies is a global integrated energy company producing
and marketing oil, biofuels, natural gas, biogas, low-carbon
hydrogen, renewable energy and electricity. It employs more than
100,000 people and operates in approximately 120 countries, with
sustainability positioned at the centre of its strategy, projects
and operations.
