French TotalEnergies has acquired a 25% working interest in 26 Chevron-operated offshore exploration leases in the US, expanding its Gulf of Mexico exploration portfolio and strengthening its partnership with Chevron, according to an announcement by TotalEnergies.

The leases are located 150 to 250 kilometers offshore and comprise 24 blocks in the Green Canyon area and two in Walker Ridge. The blocks target established geological plays, while the companies did not disclose the financial terms of the transaction.

As part of the same transaction, Chevron will acquire a 75% operated interest in two TotalEnergies exploration leases adjacent to areas already held jointly by the companies. The exchange of interests expands their respective offshore exploration positions.

The agreement builds on TotalEnergies’ acquisition of a 25% working interest in 40 Chevron-operated US offshore exploration leases in June 2025. That portfolio covered approximately 1,000 square kilometers across the Walker Ridge, Mississippi Canyon, and East Breaks areas.

“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,” Nicola Mavilla, SVP Exploration at TotalEnergies, stated.

The expanded exploration portfolio complements TotalEnergies’ existing interests in four producing fields in the US Gulf of Mexico: Ballymore, in which it holds 40%; Anchor, with 37.14%; Jack, with 25%; and Tahiti, with 17%. The company began production at Ballymore in April 2025. The field has a gross production capacity of 75,000 barrels of oil per day (bbl/d) and 50 million cubic feet of gas per day (mmcf/d), with output tied back to Chevron’s Blind Faith floating production unit.

The deal also supports TotalEnergies’ strategy of expanding its upstream portfolio through offshore opportunities that it considers capable of delivering competitive production with lower emissions. In its June 2025 announcement, the company said it planned to use advanced 3D imaging technology to mature drilling decisions across the earlier 40-block portfolio.

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