TotalEnergies Acquires Stakes in 26 Chevron-Operated U.S. Offshore Exploration Blocks
TotalEnergies (Paris, LSE, NYSE) has announced an agreement to acquire a 25% working interest in 26 exploration leases operated by Chevron offshore the United States. The transaction strengthens the partnership between the two energy companies and expands TotalEnergies’ exploration portfolio in the U.S. Gulf of Mexico.
Under the agreement, Chevron will also acquire a 75% operated interest from TotalEnergies in two exploration leases located adjacent to existing exploration leases jointly held by the companies. The reciprocal transaction is intended to align their interests across selected offshore exploration areas while building on their established cooperation in the U.S. energy sector.
The 26 Chevron-operated leases are located approximately 150 to 250 kilometers offshore. Of these, 24 blocks are situated in the Green Canyon area, while the remaining two are located in the Walker Ridge area. The leases target well-established geological plays, providing the companies with opportunities to evaluate additional offshore hydrocarbon resources.
The agreement represents another step in TotalEnergies’ strategy to expand its exploration activities in the United States through partnerships with experienced operators. By securing a minority working interest in Chevron-operated blocks, TotalEnergies will gain exposure to a broader range of exploration prospects while benefiting from Chevron’s operational capabilities and regional experience.
Expanding the TotalEnergies-Chevron Exploration Partnership
The latest transaction builds on the collaboration established in June 2025, when TotalEnergies entered 40 Chevron-operated exploration blocks in the U.S. Gulf of Mexico. The addition of 26 leases further broadens the companies’ shared exploration opportunities and strengthens their positions in a region known for its established offshore petroleum industry.
Combining the exploration blocks provides TotalEnergies with access to multiple geological plays and prospects. This broader portfolio enables the company to evaluate a range of potential discoveries and identify opportunities that could complement its existing producing assets.
The new leases also fit into TotalEnergies’ wider offshore strategy, which includes maintaining exploration opportunities alongside investments in producing fields. Exploration activities can help identify resources that may support future production, subject to successful drilling, technical evaluation, development decisions and the necessary regulatory approvals.
The company already holds interests in several producing assets in the U.S. Gulf of Mexico, including Ballymore, Anchor, Jack and Tahiti. These existing positions provide a foundation for its offshore activities and complement the exploration opportunities offered by the newly acquired interests.
TotalEnergies holds a 40% interest in the Ballymore field, a 37.14% interest in Anchor, a 25% interest in Jack and a 17% interest in Tahiti. The assets form part of the company’s broader U.S. offshore portfolio, alongside its exploration interests and other energy investments.
Expanding its access to exploration prospects allows TotalEnergies to pursue potential resources in established offshore areas while maintaining a diversified portfolio of upstream opportunities. However, the commercial significance of the newly acquired blocks will depend on exploration results and the viability of any discoveries.
Company Highlights Potential for Future Resources
Nicola Mavilla, Senior Vice President of Exploration at TotalEnergies, said the agreement further strengthens the companies’ joint exploration portfolio in the United States.
According to Mavilla, the transaction provides TotalEnergies with access to a new set of high-impact opportunities that could unlock value-accretive, low-emissions resources. He also highlighted the complementary strengths of both companies as an advantage in pursuing the exploration opportunities.
The agreement reflects the continued importance of strategic partnerships in offshore exploration, where projects can require significant technical expertise, capital investment and operational experience. Working with an established operator can provide participating companies with access to exploration opportunities while distributing financial exposure across partners.
For TotalEnergies, the transaction adds to a portfolio that includes both exploration prospects and producing fields. This combination supports its efforts to identify future resource opportunities while maintaining a presence in established offshore production areas.
The leases are located in the Green Canyon and Walker Ridge areas, where the companies will be able to assess prospects across multiple geological plays. Further exploration activity and any subsequent development will depend on the results of technical assessments and drilling programs.
TotalEnergies has maintained a presence in the United States since 1957 and continues to develop its integrated energy business across oil, natural gas, liquefied natural gas (LNG) and electricity. The company has invested nearly $12 billion in the country since 2022, reflecting its commitment to expanding its activities across several segments of the energy industry.
The United States remains an important market for TotalEnergies because of its established energy infrastructure, extensive natural gas resources and opportunities across offshore production and electricity generation. Its investments cover upstream production, LNG exports and power generation, supporting the company’s integrated approach to energy supply.
TotalEnergies participates throughout the LNG value chain, including upstream natural gas production from assets in Texas and offshore U.S. locations. In 2025, the company exported 19 million tonnes of LNG from the United States, making it the country’s largest LNG exporter, according to the company.
Electricity is another important component of its U.S. strategy. TotalEnergies is expanding its Integrated Power business, which combines electricity generation and related activities. The company has 10 gigawatts of installed power capacity in the United States, supporting its broader presence in the country’s evolving energy market.
Outlook for Offshore Exploration
The acquisition of interests in 26 Chevron-operated exploration leases reinforces TotalEnergies’ commitment to maintaining opportunities for future upstream growth. By combining additional exploration acreage with its existing producing assets, the company is positioning itself to evaluate potential resources across a wider range of offshore prospects.
The transaction also underscores the continuing role of partnerships in developing offshore exploration portfolios. Chevron’s operatorship and TotalEnergies’ participation provide a framework for pursuing opportunities across the selected blocks, although exploration success and future commercial development remain subject to technical and economic evaluation.
As TotalEnergies continues to invest across oil, LNG and electricity, the expanded offshore portfolio adds another element to its U.S. operations. The companies’ cooperation will provide access to additional exploration prospects while complementing their existing interests in producing Gulf of Mexico fields.
The agreement therefore represents a further expansion of the TotalEnergies-Chevron relationship and supports TotalEnergies’ efforts to identify potential offshore resources as part of its long-term energy portfolio.
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