04/11/2026 by Thomas Clark
France-based TotalEnergies has acquired a 25% working interest in 26 US offshore exploration blocks operated by Chevron.
The 26 blocks are located in the Gulf of Mexico around 90-150 miles off the southern coast of the US. They are close to producing fields, with two and 24 blocks in the Walker Ridge and Green Canyon areas, respectively. TotalEnergies is also transferring a 75% operated interest in two adjacent exploration leases to Chevron as part of the deal.
TotalEnergies and Chevron, which make the Total and Texaco lubricant and grease products, already have a strong relationship. In June last year, TotalEnergies bought into 40 exploration blocks operated by Chevron. The company says the deal will give it access to a wider range of plays and prospects. Nicola Mavilla, TotalEnergies’ senior vice president for exploration, said in a press release:
“This transaction with Chevron further strengthens our joint exploration portfolio in the United States. 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.”
TotalEnergies already has interests in a number of producing fields in the same area. These include Tahiti (17%), Anchor (37.14%), Ballymore (40%) and Jack (25%).
Since 1957, the company has been active in the US, and is currently deploying its integrated energy approach across the country. It is also the biggest exporter of liquified natural gas (LNG) from the US, much of which supplies the UK and Europe.
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