TotalEnergies takes a 25% stake in 26 Chevron-operated exploration permits off the United States
The French group has acquired a 25% interest in 26 exploration permits operated by Chevron, which in return takes over the operation of two neighbouring permits owned by TotalEnergies.
The agreement extends a cooperation launched in June 2025 and strengthens the group's exploration portfolio, in addition to its fields already in production.
A minority stake in 26 permits operated by Chevron
On October 28, 2026, TotalEnergies announced the acquisition of a 25% interest in 26 exploration permits located off the United States. These permits are operated by Chevron, which therefore retains responsibility for the work, with the French group participating as a partner.
The transaction works in both directions. Under the same arrangement, Chevron acquires a 75% interest in two exploration permits held by TotalEnergies and becomes their operator. According to the press release, these two permits are adjacent to those the two groups already hold jointly.
The rationale behind the structure lies in this contiguity. Chevron takes control of areas neighbouring assets already shared, while TotalEnergies extends its presence over a larger area without operating it.
The 26 permits concerned are located between 150 and 250 km from the coast. They comprise 24 blocks in the Green Canyon area and 2 blocks in the Walker Ridge area. According to the group, they target well-identified prospects.
These are exploration rights, meaning the search for hydrocarbons, and not producing fields. With a quarter of the interests, TotalEnergies holds a minority share of these permits, corresponding to a non-operating partner position, distinct from the one it holds in certain fields where its stake is higher.
A second exploration agreement with Chevron since June 2025
This transaction follows an earlier partnership. In June 2025, TotalEnergies had entered 40 exploration permits operated by Chevron off the United States, as recalled in the press release.
The new agreement therefore expands a joint exploration portfolio already built up between the two companies. The group states that this portfolio provides access to multiple exploration opportunities and prospects, without quantifying the associated resources at this stage.
These permits complement established positions in production. TotalEnergies holds interests in several producing US fields: Ballymore at 40%, Anchor at 37.14%, Jack at 25% and Tahiti at 17%.
The group thus combines two levels of assets in the same region: fields already producing and permits still in the exploration phase.
Nicola Mavilla, Exploration Director of TotalEnergies, stated: “This transaction with Chevron further strengthens our joint exploration portfolio in the United States. It gives TotalEnergies access to new high-potential opportunities that could develop high-value, low-emission resources, by leveraging the complementary expertise of the two Companies.”
Nearly $12 billion invested in the United States since 2022
The United States occupies a significant place in the group's portfolio, as it has been present in the country since 1957. According to the press release, TotalEnergies has invested nearly $12 billion there since 2022 to develop its oil, LNG and power activities.
The group covers the entire liquefied natural gas chain, with natural gas production assets in Texas and offshore. With 19 million tonnes exported in 2025, it presents itself as the leading US LNG exporter.
This announcement follows by a few weeks another transaction on US soil. On October 12, 2026, TotalEnergies and KKR had announced the expansion of their equally owned joint venture, with three solar power plants in Texas and Ohio valued at $1.2 billion in enterprise value.
The group's portfolio is also evolving outside the United States. The day before this announcement, on October 27, 2026, TotalEnergies had indicated that it had completed the sale of its oil interest in Renaissance (formerly SPDC) in Nigeria.
