TotalEnergies, Chevron expand US offshore ties

TotalEnergies has acquired a 25% working interest in 26 offshore exploration leases operated by Chevron in the United States. The transaction covers acreage located 150 to 250 kilometers from shore and is intended to strengthen the existing partnership between the two energy companies in U.S. waters.

The newly acquired interests span 24 blocks in the Green Canyon area and 2 blocks in the Walker Ridge area. These leases target well‑proven or well‑identified exploration plays, adding a new set of potential drilling opportunities to the companies’ shared portfolio.

As part of the same deal, Chevron is acquiring a 75% operated interest in two exploration leases held by TotalEnergies that are adjacent to existing jointly held leases. This reciprocal transfer consolidates operatorship for Chevron across connected acreage while preserving TotalEnergies’ participation through its retained interest.

By aligning interests and operatorship across neighboring leases, the transaction is structured to create a more coherent exploration position for both partners. It integrates the new blocks with previously shared leases, supporting coordinated planning and development options across the area.

The agreement builds on TotalEnergies’ entry into 40 Chevron‑operated exploration blocks in June 2025. Taken together, the 2025 and 2026 transactions create a larger joint exploration footprint in U.S. offshore basins, broadening the range of prospects available to both companies.

The combined portfolio now provides access to multiple exploration plays and prospects that complement TotalEnergies’ existing interests in several producing Gulf of Mexico assets. These include stakes in the Ballymore, Anchor, Jack and Tahiti fields, where TotalEnergies holds minority positions alongside other partners.

TotalEnergies describes the new leases as offering high‑impact opportunities with the potential to unlock value‑accretive, low‑emissions resources while drawing on the complementary strengths of the two companies. The move forms part of a broader strategy to expand its U.S. offshore exploration portfolio.

The company has been active in the United States since 1957 and is deploying an integrated energy model that includes oil, liquefied natural gas (XNGUSD) and power. Since 2022, it has invested nearly $12 billion in the country and, with 19 million tons of LNG exported in 2025, is a leading exporter of U.S. LNG, supported by 10 gigawatts of installed power capacity.