TotalEnergies Acquires 25% Stake in 26 Chevron-Operated Gulf of Mexico Leases

TotalEnergies has acquired a 25% working interest in 26 U.S. offshore exploration leases operated by Chevron, expanding its footprint in the Gulf of Mexico. The deal reinforces the ongoing collaboration between the two energy giants in the region.

Transaction Details

The agreement covers a portfolio of leases located 150 to 250 kilometers from the U.S. coastline. As part of the transaction, Chevron will receive a 75% operated interest in two adjacent exploration leases currently held by TotalEnergies.

The leases are concentrated in well-established areas for oil and gas exploration:

• 24 leases are situated in the Green Canyon area.
• 2 leases are in the Walker Ridge area.

According to the announcement, these leases target "well-proven plays," which can lower the geological risk associated with exploration activities.

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Strategic Expansion in the Gulf

This move builds on TotalEnergies' recent expansion in the region, following its entry into 40 other Chevron-operated exploration blocks in June 2025. The company already holds interests in several producing assets in the Gulf of Mexico, including Ballymore, Anchor, Jack, and Tahiti.

Nicola Mavilla, Senior Vice President for Exploration at TotalEnergies, stated that the deal provides the company with access to "a new set of high-impact opportunities." For investors, this signals TotalEnergies' continued commitment to conventional oil and gas exploration in a prolific, well-regulated basin alongside its investments in renewables and LNG.

Context of US Operations

TotalEnergies has been active in the United States since 1957 and has significantly increased its exposure in recent years, investing nearly $12 billion across its oil, liquefied natural gas (LNG), and electricity businesses since 2022. The company is the largest exporter of U.S. LNG, having shipped 19 million tons in 2025, and maintains a portfolio of 10 gigawatts of installed power capacity in the country.