TotalEnergies and Chevron Swap Stakes in Gulf of Mexico Leases

TotalEnergies acquired a 25% working interest in 26 Chevron-operated exploration leases in the U.S. Gulf of Mexico, expanding its offshore portfolio. The leases comprise 24 blocks in Green Canyon and two in Walker Ridge, about 150 to 250 kilometers from shore, and target established geological plays. In a reciprocal swap, Chevron acquired a 75% operated interest in two TotalEnergies exploration leases adjacent to acreage the companies hold together; financial terms were not disclosed. The deal builds on TotalEnergies’ entry into 40 Chevron-operated exploration blocks in June 2025 and complements its existing Gulf of Mexico production interests.