BAKU, Azerbaijan, October 29. French energy company TotalEnergies has acquired a 25% working interest in 26 exploration leases operated by U.S. energy major Chevron in offshore U.S. waters, TotalEnergies said on October 28.
As part of the transaction, Chevron has acquired a 75% operated interest from TotalEnergies in two exploration leases adjacent to existing exploration leases jointly held by the companies.
The 26 leases acquired by TotalEnergies are located 150 to 250 kilometres offshore and comprise 24 blocks in the Green Canyon area and two blocks in the Walker Ridge area. The blocks target established hydrocarbon plays.
“This transaction further strengthens the successful collaboration between TotalEnergies and Chevron and expands TotalEnergies' U.S. offshore exploration portfolio,” the company said.
The deal builds on TotalEnergies' entry into 40 Chevron-operated exploration blocks in June 2025. Together, the companies' exploration interests provide access to multiple exploration plays and prospects, complementing TotalEnergies' existing stakes in producing offshore assets in the United States.
These include the Ballymore field, in which TotalEnergies holds a 40% interest, Anchor (37.14%), Jack (25%) and Tahiti (17%).
“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,” said Nicola Mavilla, Senior Vice President of Exploration at TotalEnergies.
TotalEnergies expands its U.S. energy portfolio.
TotalEnergies has operated in the United States since 1957 and is pursuing an integrated energy strategy spanning oil and gas, liquefied natural gas (LNG), and electricity.
Since 2022, the company has invested nearly $12 billion in the United States to accelerate the development of its oil, LNG and power businesses.
The company is integrated across the LNG value chain, with upstream gas production assets in Texas and offshore US waters. TotalEnergies exported 19 million tonnes of U.S. LNG in 2025, making it the country's largest LNG exporter, according to the company.
The United States is also a key market for its integrated power strategy, with 10 gigawatts of installed power capacity.
TotalEnergies is a global integrated energy company producing and marketing oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewable energy and electricity. It employs more than 100,000 people and operates in approximately 120 countries, with sustainability positioned at the centre of its strategy, projects and operations.
