TotalEnergies Sells 40% Stake In Nigeria Offshore Blocks To Chevron

**TotalEnergies SE** (NYSE: TTE) on Monday disclosed that TotalEnergies EP Nigeria has agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to a **Chevron Corporation** (NYSE: CVX) company, Star Deep Water Petroleum Limited.

This deal is a part of ongoing collaboration discussions between the two firms.

The offshore blocks in Nigeria's West Delta basin span roughly 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum.

## Recent Key Events

In November, TotalEnergies disclosed that it will acquire a 50% stake in the flexible power generation portfolio from Energetický a průmyslový holding, a.s. (EPH) at an enterprise value of 10.6 billion euros ($12.3 billion).

The acquisition spans a portfolio of over 14 GW of flexible generation capacity, gas-fired plants, biomass facilities, and batteries, either in operation or under construction.

**Price Action:** TTE shares are up 0.05% at $65.74 premarket at the last check on Monday.

<p><strong>TotalEnergies SE </strong><a href="https://www.benzinga.com/quote/TTE" target="_blank" class="ticker-link" data-ticker="TTE" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TTE">TTE</a>)</a> on Monday disclosed that TotalEnergies EP Nigeria has agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to a <strong>Chevron Corporation</strong> <a href="https://www.benzinga.com/quote/CVX" target="_blank" class="ticker-link" data-ticker="CVX" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CVX">CVX</a>)</a> company, <a target="_blank" href="https://www.benzinga.com/pressreleases/25/12/b49129830/exploration-totalenergies-strengthens-its-global-collaboration-with-chevron" rel="noreferrer noopener">Star Deep Water Petroleum Limited</a>.</p>



<p>This deal is a part of ongoing collaboration discussions between the two firms.</p>



<p>The offshore blocks in Nigeria's West Delta basin span roughly 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum.</p>



<p><strong><em>Also Read: <a target="_blank" href="https://www.benzinga.com/markets/tech/25/11/48797098/google-to-run-ohio-data-centers-on-solar-power-from-totalenergies" rel="noreferrer noopener">Google To Run Ohio Data Centers On Solar Power From TotalEnergies</a></em></strong></p>



<p>Following this, TotalEnergies will continue as operator with a 40% stake, alongside Chevron at 40% and South Atlantic Petroleum at 20%.</p>



<p>The deal expands the companies' global offshore partnership, following Chevron's June acquisition of a 25% interest in a portfolio of 40 Chevron-operated U.S. offshore blocks.</p>



<p>Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies, added, "This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country."</p>



<h2 class="wp-block-heading">Recent Key Events</h2>



<p>In November, TotalEnergies disclosed that it will acquire a 50% stake in the flexible power generation portfolio from&nbsp;Energetický a průmyslový holding, a.s.&nbsp;(EPH) at an enterprise&nbsp;value of <a target="_blank" href="https://www.benzinga.com/m-a/25/11/48893743/totalenergies-adds-14-gw-of-power-assets-in-massive-europe-deal" rel="noreferrer noopener">10.6 billion euros ($12.3 billion)</a>.</p>



<p>The acquisition spans a portfolio of over 14 GW of flexible generation capacity, gas-fired plants, biomass facilities, and batteries, either in operation or under construction.</p>



<h2 class="wp-block-heading">Is Chevron A Good Stock To Buy?</h2>



<p>An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga's quote pages  &#8211; like <a href="https://www.benzinga.com/quote/CVX">Chevron</a>&#8216;s page for example &#8211; there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.</p>



<p>These are known as capital allocation programs. Chevron <a href="https://www.benzinga.com/quote/CVX" target="_blank" class="ticker-link" data-ticker="CVX" data-exchange="NYSE" rel="noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CVX">CVX</a>)</a> does pay a dividend, which yields 4.58% per year as of the closing price on Dec. 1, 2025. Feel free to search Benzinga's <a href="https://www.benzinga.com/calendars/dividends">dividend calendar</a> for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.</p>



<p>For example, if you're looking to earn an annualized return of 9.82%, you'll need to buy a share of Hafnia by the Dec. 9, 2025. Once done, you can expect to receive a nominal payout of $0.15 on Dec. 16, 2025.</p>



<p>Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on <a href="https://www.benzinga.com/quote/CVX">Chevron</a> will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.</p>



<p><strong>Price Action:</strong> TTE shares are up 0.05% at $65.74 premarket at the last check on Monday.</p>



<p><strong>Read Next:</strong></p>



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<p><em>Photo by Vytautas Kielaitis via Shutterstock</em></p>