(WO) – TotalEnergies is acquiring a 25% working interest in 26 Chevron-operated exploration leases in the U.S. Gulf. As part of the deal, Chevron will take a 75% operated interest in two TotalEnergies exploration leases next to leases the companies already hold jointly.
The 26 leases lie 150–250 km (93–155 mi) offshore. Twenty-four are in the Green Canyon area and two are in Walker Ridge, and all target well-proven plays. The companies didn’t disclose financial terms.
The deal builds on TotalEnergies’ entry into 40 Chevron-operated exploration blocks in June 2025. It adds to the company’s interests in the producing Ballymore (40%), Anchor (37.14%), Jack (25%) and Tahiti (17%) fields.
“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, TotalEnergies’ senior vice president for exploration.
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