TotalEnergies takes 25% stake in 40 Chevron blocks in US offshore

HOUSTON, June 16, 2025 – TotalEnergies has acquired a 25% working interest in 40 offshore exploration leases operated by Chevron in the USA’s Outer Continental Shelf, the company said on Monday.

The federal leases cover around 1,000 square kilometres and are situated 175–330 kilometres offshore, including 13 blocks in the Walker Ridge area, 9 in the Mississippi Canyon and 18 in East Breaks.

Map courtesy of TotalEnergies

The acquisition enhances TotalEnergies’ US offshore exploration presence, complementing its existing partnerships with Chevron in Ballymore (40% stake), Anchor (37.14%), Jack (25%) and Tahiti (17%).

“This transaction is in line with our consistent strategy of filling our exploration portfolio with low cost and low emissions options, and will significantly expand TotalEnergies’ Offshore US exploration acreage, combining a wide range of geological plays and prospectivity,” TotalEnergies senior vice-president exploration Kevin McLachlan said.

“Building on the momentum of the recent Ballymore and Anchor startups, we are very pleased to expand our successful partnership with Chevron.”

TotalEnergies has been active in the USA since 1957, with operations spanning oil, gas, LNG and renewables. The company is the leading exporter of US LNG and operates across the full LNG value chain, including upstream gas production offshore and in Texas. In renewables, it has 10 GW of solar, wind and battery storage projects installed or under development, supporting its integrated power strategy in the country.

In February 2025, TotalEnergies confirmed plans to list its shares in New York to broaden access for North American investors, while maintaining Paris as its primary market. CEO Patrick Pouyanné clarified that this is a complementary single-class listing, not a dual listing, allowing shares to trade in both Paris and New York with prices aligned through exchange rate adjustments. With 50% of its institutional shareholders already based in the United States, the move is aimed at enhancing market reach without adding structural complexity.

Photo of the Jack offshore project, on which Chevron and TotalEnergies collaborate, courtesy of Chevron

Read our latest insights on: