French energy giant TotalEnergies has announced the sale of a 40% stake in its Nigerian offshore exploration licences to Star Deep Water Petroleum Limited, a subsidiary of U.S. oil major Chevron.
The agreement—still awaiting regulatory approval—covers exploration licences across two offshore blocks spanning 2,000 square kilometres in the West Delta basin, Gossip News Now reports.
According to TotalEnergies, the company will retain operatorship of the blocks, continuing to hold 40% equity, while its long-time consortium partner, South Atlantic Petroleum, maintains the remaining 20%.
The firm described the deal as another milestone in its expanding global offshore partnership with Chevron.
“This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron,” the statement noted, adding that both companies recently strengthened cooperation through U.S. offshore exploration leases.
Nicola Mavilla, TotalEnergies’ Senior Vice President for Exploration, said the transaction aligns with Nigeria’s long-term strategy for offshore energy development. The venture, he explained, is designed to “derisk and develop new opportunities in Nigeria, in line with the objectives of the country.”
CBN Governor Says Nigeria’s Economy Entering More Stable Phase
Meanwhile, Nigeria’s economic outlook is showing marked improvement, according to Central Bank Governor Olayemi Cardoso, who says the country has moved into a more stable phase after two years of major monetary reforms.
Speaking in Lagos at the 60th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, Cardoso stated that Nigeria has “turned a decisive corner” as inflation cools, foreign exchange markets stabilize, and investor confidence strengthens.
He said the CBN’s return to orthodox monetary policy and tighter regulatory oversight is helping correct long-standing economic distortions.
Inflation, which peaked at 34.6% in November 2024, has fallen to 16.05% as of October 2025, while food inflation has eased to 13.12% from nearly 22% earlier in the year. Cardoso reaffirmed the Bank’s goal of driving inflation toward single digits.
On the FX front, he confirmed that the Central Bank has fully cleared the multi-billion-dollar foreign exchange backlog inherited by the current administration—previously estimated at over $7 billion.
He said settling the arrears has restored confidence among foreign airlines, manufacturers, and portfolio investors, marking a significant step toward stabilizing Nigeria’s macroeconomic environment.
