TotalEnergies enters 26 Chevron-operated offshore leases in US Gulf

France’s TotalEnergies (NYSE: TTE) announced this week that it had acquired a 25% working interest in 26 offshore exploration leases in the US Gulf of Mexico.

The leases are operated by Chevron (NYSE: CVX) and are located 150-250 km offshore. They include 24 blocks located in the Green Canyon area and two blocks in the Walker Ridge area. TotalEnergies said the leases are targeting “well-proven” plays.

As part of the transaction, Chevron will also acquire a 75% operated interest in two exploration leases adjacent to existing jointly held exploration leases from TotalEnergies.

The transaction represents an expansion of the existing partnership between Chevron and TotalEnergies in the Gulf. Last year, TotalEnergies made a similar move, acquiring 25% stakes in a Chevron-operated portfolio of 40 exploration leases in the region. In its latest announcement, TotalEnergies said that the combined portfolio provides access to “multiple exploration plays and prospects”, complementing its existing interests in the producing Ballymore, Anchor, Jack and Tahiti assets. TotalEnergies owns a 40% interest in Ballymore, 37.14% in Anchor, 25% in Jack and 17% in Tahiti.

“This transaction with Chevron further strengthens our joint exploration portfolio in the United States,” stated TotalEnergies’ senior vice president of exploration, Nicola Mavilla. “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.”

The latest transaction adds to a variety of assets in the US for TotalEnergies. The company noted that since 2022, it had invested nearly $12bn in oil, electricity and LNG in the US. It has also built up an integrated LNG value chain, with gas production assets in Texas and offshore, as well as equity stakes in certain LNG facilities and offtake agreements with others. Indeed, TotalEnergies noted that it is the top exporter of US LNG. Elsewhere on its website, the company says it shipped more than 19mn tonnes per year (tpy) of US LNG in 2025.

The company is also targeting the deployment of 10 GW of installed power capacity under its Integrated Power strategy. It describes the US as a key country under this strategy.