TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the onshore assets of the Renaissance Joint Venture (JV) in Nigeria.
The Renaissance JV, formerly known as the Shell Petroleum Development Company of Nigeria Limited (SPDC) JV, comprises the Nigerian National Petroleum Company Limited with a 55 per cent stake, Renaissance Africa Energy Company Limited as operator with 30 per cent, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria holding the remaining five per cent.
The joint venture holds 18 oil and gas licences located in the Niger Delta.
Under the agreement, TotalEnergies will transfer its 10 per cent participating interest in 15 oil-producing licences to Vaaris. These assets contributed approximately 16,000 barrels of oil equivalent per day, net to the company, in 2025.
The transaction also includes TotalEnergies’ 10 per cent participating interest in three gas-producing licences—OML 23, OML 28 and OML 77. While ownership of these interests will be transferred to Vaaris, TotalEnergies will retain full economic rights to the gas assets, which currently supply about 50 per cent of the feed gas to Nigeria LNG.
The divestment is subject to the fulfilment of customary closing conditions, including the receipt of relevant regulatory approvals.
TotalEnergies has operated in Nigeria for over 60 years, with more than 1,800 employees across its upstream, downstream and marketing operations. In 2024, Nigeria accounted for about 209,000 barrels of oil equivalent per day of the company’s global hydrocarbon production.
Reaffirming its commitment to the country, TotalEnergies said it will continue to maintain a strong downstream presence in Nigeria, operating a nationwide network of approximately 540 service stations.
