TotalEnergies SE said Monday it has acquired a 25 percent stake in a Gulf of America exploration portfolio operated by Chevron Corp.
The 40 leases in federal waters span about 1,000 square kilometers (386.1 square miles). These consist of 18 blocks in the East Breaks area, 13 blocks in the Walker Ridge area and nine blocks in the Mississippi Canyon. The leases sit 175-330 kilometers (108.74-205.05 miles) from shore, according to TotalEnergies.
The acquisition bolsters “the successful U.S. offshore collaboration with Chevron beyond the existing partnerships in Ballymore (40 percent TotalEnergies) which achieved first production this year, Anchor (37.14 percent) where production started-up last year, and the Jack (25 percent) and Tahiti (17 percent) producing assets”, the French company said in a press release.
TotalEnergies noted it has invested nearly $11 billion in the U.S. since 2022 to accelerate development in oil, liquefied natural gas and low-carbon power.
“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 U.S. exploration acreage, combining a wide range of geological plays and prospectivity”, said Kevin McLachlan, TotalEnergies senior vice president for exploration.
“Building on the momentum of the recent Ballymore and Anchor startups, we are very pleased to expand our successful partnership with Chevron, and we expect to mature Exploration drill decisions on these blocks utilizing advanced 3D imaging technology to unlock large remaining U.S. Offshore production potential”.
Ballymore is in the Mississippi Canyon in the Gulf’s deep waters. It sits approximately 160 miles southeast of New Orleans in about 6,600 feet of water, according to Chevron.
Chevron’s first development in the Norphlet trend of the Gulf, Ballymore has a capacity of 75,000 barrels of oil a day. Chevron estimates potentially recoverable resources to be 150 million barrels of oil equivalent (MMboe) over the life of the project.
Anchor meanwhile is in the Gulf’s Green Canyon area. It is about 140 miles from the Louisiana coast. Anchor has water depths of about 5,000 feet, according to Chevron.
The Anchor floating production unit, Chevron’s sixth operated facility producing in the U.S. Gulf, has a capacity of 75,000 bopd and 28 million cubic feet per day of natural gas. The field holds an estimated 440 MMboe of total recoverable resources, according to Chevron.
Chevron aims to grow its net production in the U.S. Gulf to 300,000 boed by 2026.
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