Key Moments
- TotalEnergies acquired a 25% working interest in 26 Chevron-operated offshore exploration leases in U.S. waters.
- Chevron received a 75% operated interest in two TotalEnergies exploration leases adjacent to existing joint acreage.
- TotalEnergies exported 19 million tons of LNG in 2025 and invested nearly $12 billion in U.S. energy assets since 2022.
Strategic Swap of Offshore Exploration Interests
Energy company TotalEnergies has entered into a transaction to purchase a 25% working interest in 26 offshore exploration leases in the United States that are operated by Chevron.
Under the same agreement, Chevron is obtaining a 75% operated interest in two exploration leases that were previously held by TotalEnergies. These two leases are located next to offshore exploration licenses that the two companies already own jointly.
Leases Concentrated in Green Canyon and Walker Ridge
The 26 offshore leases are situated between 150 and 250 kilometers from the coastline. Of these, 24 are located in the Green Canyon area and 2 are positioned in the Walker Ridge area. The acreage is aimed at what are described as well-proven plays.
| Area | Number of Leases | Distance from Shore | Play Type |
|---|---|---|---|
| Green Canyon | 24 | 150 – 250 km | Well-proven plays |
| Walker Ridge | 2 | 150 – 250 km | Well-proven plays |
Building on Prior Chevron Partnership
This latest transaction comes after the June 2025 entry of TotalEnergies (TTE) into 40 exploration blocks that are operated by Chevron. In addition to these exploration positions, TotalEnergies also holds interests in the producing Ballymore, Anchor, Jack and Tahiti assets.
Nicola Mavilla, senior vice president for exploration at TotalEnergies, said the deal gives the company access to “a new set of high-impact opportunities.”
TotalEnergies’ Broader U.S. Energy Presence
TotalEnergies has maintained a presence in the United States since 1957. Since 2022, the company has invested nearly $12 billion in the country across oil, liquefied natural gas (LNG) and electricity activities.
The company exported 19 million tons of LNG in 2025, which made it the largest exporter of U.S. LNG, and it has 10 gigawatts of installed power capacity in the U.S.
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