TotalEnergies has significantly expanded its U.S. offshore exploration portfolio by acquiring a 25% interest in 40 Chevron-operated blocks.
TotalEnergies today announced a significant expansion of its U.S. offshore exploration portfolio, acquiring a 25% working interest in 40 exploration leases operated by Chevron. This strategic move deepens an already successful partnership between the two energy giants in the U.S. offshore sector.
The newly acquired leases, encompassing approximately 1,000 square kilometers across the Outer Continental Shelf (OCS), are located between 175 to 330 kilometers from the U.S. coastline. The portfolio includes 13 blocks in the Walker Ridge area, 9 blocks in the Mississippi Canyon area, and 18 blocks in the East Breaks area, offering TotalEnergies access to a diverse range of offshore exploration plays and prospects.
This transaction reinforces TotalEnergies' existing robust collaboration with Chevron in key U.S. offshore assets. The companies share successful partnerships in Ballymore, where TotalEnergies holds a 40% interest and which achieved its first production this year, and Anchor, with TotalEnergies holding 37.14%, which commenced production last year. Additionally, the collaboration extends to the producing assets of Jack (25% TotalEnergies) and Tahiti (17% TotalEnergies).
Kevin McLachlan, Senior Vice-President Exploration at TotalEnergies, emphasized the strategic importance of this acquisition. "This transaction is in line with our consistent strategy of filling our Exploration portfolio with low cost and low emissions options, and will significantly expand TotalEnergies’ Offshore U.S. exploration acreage, combining a wide range of geological plays and prospectivity," McLachlan stated. He further added, "Building on the momentum of the recent Ballymore and Anchor startups, we are very pleased to expand our successful partnership with Chevron, and we expect to mature Exploration drill decisions on these blocks utilizing advanced 3D imaging technology to unlock large remaining U.S. Offshore production potential." This highlights the company's commitment to leveraging advanced technology for future discoveries.
TotalEnergies has a long-standing presence in the United States, active since 1957, and is deploying its integrated energy model across the nation. Since 2022, the company has invested nearly $11 billion in the U.S. to accelerate its development across oil, Liquefied Natural Gas (LNG), and low-carbon electricity sectors. With over 10 million tons of output in 2024, TotalEnergies has established itself as the leading exporter of U.S. LNG, with integrated operations across the LNG value chain, including upstream gas production assets in Texas and offshore U.S. The U.S. also plays a pivotal role in TotalEnergies’ Integrated Power strategy, boasting 10 GW of onshore utility-scale solar, wind, and battery storage projects either installed or under construction.
