Total (TTE.US) takes stake in Chevron Corporation (CVX.US) 40 exploration blocks, deepening offshore cooperation in the United States.

Total (TTE.US) and Chevron Corporation (CVX.US) announced on Monday that Total has acquired a 25% working interest in Chevron Corporation's portfolio of U.S. offshore exploration blocks. The acquisition covers 40 Outer Continental Shelf (OCS) lease blocks, with a total area of approximately 1000 square kilometers, located at distances ranging from 175 to 330 kilometers from the coastline. According to Total's statement, the asset portfolio includes 13 blocks in the Walker Ridge area, 9 blocks in the Mississippi Canyon, and 18 blocks in the East Breaks. Through this transaction, Total will gain a diversified portfolio of offshore exploration assets, further deepening its strategic partnership with Chevron Corporation in U.S. offshore oil and gas development. This collaboration builds on the existing joint venture projects between the two companies, including the recently commissioned Ballymore project (Total holds 40%), the Ancor project commissioned last year (Total holds 37.14%), and the producing Jack (Total holds 25%) and Tahiti (Total holds 17%) assets. Total's CEO Patrick Pouyanne also revealed on Monday that the company plans to allocate 30% of its capital expenditure to developing integrated power businesses. Pouyanne stated at the Asia Energy Conference that Total's goal is to increase the share of its power business in its overall business portfolio to 20% by 2030.