HOUSTON: TotalEnergies SE has agreed to acquire a 25% working interest in a portfolio of 40 offshore exploration leases from Chevron Corp. in the U.S. Gulf of Mexico, the company announced Monday.
The leases, located on the Outer Continental Shelf, cover approximately 1,000 square kilometers (386 square miles) and are situated 175 to 330 kilometers (109 to 205 miles) offshore. The portfolio includes 13 blocks in the Walker Ridge area, nine in Mississippi Canyon and 18 in East Breaks.
The deal expands TotalEnergies’ partnership with Chevron, building on existing joint ventures in the Ballymore, Anchor, Jack and Tahiti fields. Ballymore, in which TotalEnergies holds a 40% stake, began production this year, while Anchor (37.14%) started up in 2023.
“This transaction aligns with our strategy of pursuing low-cost, low-emission exploration opportunities,” said Kevin McLachlan, TotalEnergies’ senior vice-president of exploration. “It significantly expands our U.S. offshore footprint and allows us to leverage advanced 3D imaging to unlock production potential.”
TotalEnergies has invested nearly $11 billion in the U.S. since 2022, including in LNG, oil and renewable energy. The company is the top U.S. LNG exporter, with over 10 million tons of output in 2024, and is also developing 10 gigawatts of U.S. solar, wind and battery storage projects.
Chevron will remain the operator of the acquired leases. Financial terms were not disclosed.
TotalEnergies has operated in the U.S. since 1957 and is a major player in LNG, oil and renewable energy. The company is active across the energy value chain, including upstream production, LNG exports and utility-scale renewable power generation.