French energy giant TotalEnergies has secured a 25% stake in a portfolio of 40 offshore exploration leases in the U.S. Gulf of Mexico, operated by Chevron. The agreement strengthens TotalEnergies' presence in U.S. offshore energy projects and supports its goal of boosting oil and gas production by 3% annually through 2030, focusing on low-cost, low-emissions output.
The newly acquired federal leases are located across three major areas: 13 blocks in Walker Ridge, 9 in Mississippi Canyon, and 18 in East Breaks. These zones are known for their resource-rich deepwater potential, with Chevron continuing as the operator of the assets.
TotalEnergies already holds minority interests in four Chevron-operated offshore fields in the Gulf of Mexico, further reinforcing its long-term collaboration with the Texas-based energy company.
In the liquefied natural gas (LNG) sector, TotalEnergies is the leading U.S. LNG exporter, managing over 10 million metric tons per year under long-term contracts. Historically, the company has sourced LNG from local producers, but recently it has shifted toward more upstream investments.
In 2024, TotalEnergies also acquired stakes in two Texas shale gas fields from Lewis Energy Group. This move gives the company direct access to natural gas at the U.S. Henry Hub price benchmark—an important step to ensure cost-efficiency in LNG exports amid changing market conditions.
This latest offshore deal marks a significant step in TotalEnergies' strategy to expand in low-carbon oil and gas production while ensuring energy security and cost stability through integrated supply chain management.
