TotalEnergies has acquired a 25% working interest in 26 exploration leases offshore the United States, all operated by Chevron. The deal runs both ways: Chevron takes a 75% operated interest in two exploration leases from TotalEnergies.
The swap is a partner-for-partner trade. TotalEnergies adds acreage across a large block of leases as a minority holder, while Chevron picks up operatorship of two leases that sit next to blocks the two companies already hold together.
What is in the package
The 26 leases lie 150 to 250 km from shore. Of these, 24 blocks are in the Green Canyon area and 2 are in the Walker Ridge area. They target well-proven plays. The two leases going to Chevron are adjacent to existing exploration leases the companies hold jointly.
Building on June 2025
The deal follows TotalEnergies' entry into 40 Chevron-operated exploration blocks in June 2025. TotalEnergies says the combined portfolio gives it access to multiple exploration plays and prospects. It also sits alongside TotalEnergies' interests in four producing U.S. offshore assets.
| Asset | TotalEnergies interest |
|---|---|
| Ballymore | 40% |
| Anchor | 37.14% |
| Jack | 25% |
| Tahiti | 17% |
Nicola Mavilla, SVP Exploration at TotalEnergies, said the transaction "further strengthens our joint exploration portfolio in the United States."
We reported earlier that TotalEnergies buys Shell's onshore renewables business, sells KKR a stake for €1.8bn.
