TotalEnergies takes 25% of 26 Chevron-operated Gulf blocks

TotalEnergies is acquiring a 25% working interest in 26 Chevron-operated exploration leases offshore the U.S., 24 in Green Canyon and 2 in Walker Ridge, located 150 to 250 km from shore. As part of the deal, Chevron acquires a 75% operated interest in two adjacent TotalEnergies leases.

Why it matters: The swap deepens the two companies' existing U.S. offshore partnership.