TotalEnergies Takes 25% Stake in 26 Chevron-Operated GoM Leases

TotalEnergies has acquired a 25% working interest in 26 US offshore exploration leases operated by Chevron, deepening a Gulf of Mexico partnership that began with 40 blocks in June 2025.

The transaction works in both directions. Chevron assumes a 75% operated interest in two exploration leases TotalEnergies holds adjacent to existing jointly owned blocks. The swap is small on paper. It is not small in portfolio terms.

Where do the leases sit?

The 26 leases lie 150 to 250 km from shore. They comprise 24 blocks in the Green Canyon area and two in Walker Ridge. Both areas carry established production records in deepwater US oil and gas.

The June 2025 deal covered 40 Chevron-operated exploration blocks across about 1,000 km² of federal Outer Continental Shelf acreage, 175 to 330 km offshore. That earlier package split into 13 Walker Ridge blocks, nine in Mississippi Canyon, and 18 in East Breaks. In plain terms, the two companies now share exploration ground across most of the deepwater Gulf's working provinces.

TotalEnergies frames the deals as access to a variety of exploration prospects and a broader US offshore portfolio. No reserves figures, well commitments, or drilling schedules accompanied the announcement. This is exploration-stage acreage, not sanctioned development, and should be read accordingly.

What does it add to existing production?

The expanded position sits alongside TotalEnergies' stakes in four producing Gulf fields:

• Ballymore — 40%
• Anchor — 37.14%
• Jack — 25%
• Tahiti — 17%

Exploration senior vice president Nicola Mavilla said: "This transaction with Chevron further strengthens our joint exploration portfolio in the US."

Mavilla added that the deal "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."

That is the company's appraisal, not an audited fact. High-impact exploration by definition carries high failure rates.

How does this fit the US strategy?

TotalEnergies has operated in the US since 1957 and pursues what it calls integrated energy development — oil, LNG, and electricity in one country-level portfolio.

Since 2022, the company has invested close to $12 billion in US projects. Spread across roughly three years, that averages about $4 billion per year. Its LNG business includes upstream gas assets in Texas and offshore projects, with an export target of 19 million tonnes for 2025 — roughly the annual gas demand of a mid-sized European country.

The offshore push is not TotalEnergies' only deepwater commitment. Last month, the company and its partners — the State Oil Company of the Republic of Azerbaijan (SOCAR) and XRG — took a final investment decision on full-field development at the Absheron gas and condensate field in the Caspian Sea. That FID stands in contrast to the Gulf deals, which remain pre-drill.

The watch item

The number to track is the first exploration well spud on the combined 66-block position. Acreage only becomes a story when a rig arrives, and neither company has yet named a drillship or a date.

The Gulf transaction strengthens a proven partnership. Whether it strengthens the reserve base will be decided at the drillbit.