TotalEnergies (LSE:TTE) has acquired a 25% working interest in 26 offshore exploration leases operated by Chevron in the US Gulf of Mexico, expanding its exploration portfolio through an agreement that also involves the exchange of interests in two additional leases.
Under the transaction, Chevron will receive a 75% operated interest in two exploration leases previously held by TotalEnergies. These leases are located adjacent to areas where the two energy companies already hold joint exploration interests.
The agreement covers offshore acreage located between 150 and 250 kilometres from the US coastline, with most of the leases situated in the Green Canyon area.
The transaction follows an earlier agreement in June 2025, when TotalEnergies acquired interests in 40 Chevron-operated exploration blocks in the region.
TotalEnergies Expands Gulf of Mexico Exploration Portfolio
The agreement gives TotalEnergies a 25% working interest in 26 exploration leases operated by Chevron.
A working interest represents a company’s ownership share in an oil and gas licence, including its entitlement to future production and its responsibility for a corresponding proportion of exploration and development costs.
Chevron will remain the operator of the 26 leases, retaining responsibility for managing exploration activities.
The agreement expands TotalEnergies’ participation in offshore exploration opportunities in the United States while maintaining Chevron’s operational role.
Financial terms of the transaction, including any cash consideration, were not disclosed in the information provided.
Exploration Acreage Concentrated in Green Canyon and Walker Ridge
The 26 exploration leases are situated approximately 150 to 250 kilometres offshore in the Gulf of Mexico.
Twenty-four leases are located in the Green Canyon area, while the remaining two are in Walker Ridge.
Both areas are established offshore exploration regions containing geological formations associated with oil and gas resources.
TotalEnergies stated that the leases target proven geological plays, providing access to exploration opportunities within established petroleum systems.
However, the agreement relates to exploration acreage rather than confirmed producing assets.
No resource estimates, drilling commitments or exploration schedules were disclosed as part of the announcement.
Chevron Receives 75% Interest in Two TotalEnergies Leases
As part of the agreement, Chevron will acquire a 75% operated interest in two exploration leases held by TotalEnergies.
These leases are located next to exploration acreage already held jointly by the companies.
The arrangement involves an exchange of exploration interests, allowing both companies to adjust their positions within neighbouring offshore areas.
Chevron will assume the operating role in the two additional leases under the terms of the transaction.
The companies did not disclose the valuation assigned to the exchanged interests or any associated financial payments.
Agreement Builds on June 2025 Exploration Transaction
The latest transaction follows TotalEnergies’ entry into 40 Chevron-operated exploration blocks in June 2025.
That earlier agreement expanded the French energy company’s participation in US offshore exploration.
The addition of interests in another 26 leases further extends the relationship between TotalEnergies and Chevron in the Gulf of Mexico.
The transactions provide TotalEnergies with access to additional exploration acreage while allowing Chevron to continue managing operations.
The companies have not announced drilling dates or production targets for the newly acquired interests.
TotalEnergies Targets Additional Exploration Opportunities
Nicola Mavilla, Senior Vice President for Exploration at TotalEnergies, said the agreement provides access to further exploration prospects.
Mavilla described the transaction as giving the company access to “a new set of high-impact opportunities.”
The statement reflects TotalEnergies’ objective of expanding its exploration portfolio in offshore areas with established oil and gas activity.
Exploration leases provide the right to assess potential hydrocarbon resources, but commercial production depends on successful discoveries, technical evaluations and subsequent investment decisions.
The company did not provide an estimate of the potential resources associated with the 26 leases.
Existing Gulf of Mexico Production Interests
TotalEnergies already holds interests in several producing offshore oil and gas assets in the Gulf of Mexico.
These include Ballymore, Anchor, Jack and Tahiti.
The producing assets form part of the company’s existing upstream operations in the United States.
The newly acquired exploration interests will complement this established presence, although they are at a different stage of development.
Unlike producing fields, exploration leases do not generate production revenue unless commercially viable discoveries are made and developed.
The announcement did not indicate whether the new acreage would be developed in connection with any of the company’s existing producing assets.
US Investment Reaches Nearly $12 Billion Since 2022
TotalEnergies has operated in the United States since 1957 and maintains activities across oil, natural gas and electricity.
The company reported that it has invested nearly $12 billion in the country since 2022.
These investments cover oil operations, liquefied natural gas and electricity generation.
The latest offshore exploration agreement adds to the company’s existing US energy portfolio.
TotalEnergies did not disclose the investment value associated specifically with the newly acquired exploration interests.
LNG Exports Total 19 Million Tonnes in 2025
TotalEnergies reported exports of 19 million tonnes of liquefied natural gas from the United States in 2025.
The company described itself as the largest exporter of US LNG during that year.
LNG forms an important part of TotalEnergies’ US operations alongside offshore oil and gas exploration and production.
The company’s activities include participation in the supply and international marketing of natural gas.
The offshore exploration transaction does not directly change the company’s reported LNG export volumes.
US Electricity Capacity Reaches 10 Gigawatts
In addition to its oil and gas operations, TotalEnergies reported installed electricity generation capacity of 10 gigawatts in the United States.
The electricity business forms part of the company’s broader activities in the American energy market.
Together with its LNG operations and offshore assets, this capacity illustrates the range of energy activities maintained by TotalEnergies in the country.
The announcement did not provide a breakdown of the electricity capacity by generation technology.
Outlook for US Offshore Exploration
The acquisition of a 25% interest in 26 Chevron-operated exploration leases expands TotalEnergies’ offshore exploration position in the Gulf of Mexico.
The transaction follows the company’s June 2025 entry into 40 Chevron-operated blocks and adds acreage in the Green Canyon and Walker Ridge areas.
Chevron will also acquire a 75% operated interest in two neighbouring TotalEnergies leases under the agreement.
The additional exploration interests provide opportunities for future resource evaluation, although no drilling programme or development timetable has been announced.
Exploration results and subsequent investment decisions will determine whether the acreage contributes to TotalEnergies’ future oil and gas production.
More About TotalEnergies
TotalEnergies is a French integrated energy company operating internationally across oil, natural gas, liquefied natural gas and electricity.
Its activities include hydrocarbon exploration and production, energy trading, refining, distribution and power generation.
The company has maintained operations in the United States since 1957, with investments across offshore oil and gas, LNG and electricity.
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