The year 2025 will go down in history as a definitive period of restructuring for Nigeria’s oil and gas industry. It was the year the long-anticipated shift from International Oil Companies (IOCs) to indigenous independents fully crystallized, with major divestments concluding and strategic partnerships forming to secure the nation’s energy future.
While the previous year (2024) set the stage with the approval of the Seplat-ExxonMobil transaction, 2025 saw the execution of landmark deals that have permanently altered the ownership structure of Nigeria’s upstream assets.
Here are the five major deals that defined the sector in 2025:
1. Shell completes historic sale of SPDC to Renaissance (March 2025)
In perhaps the most significant transaction of the decade, Shell Petroleum Development Company of Nigeria Limited (SPDC) completed the sale of its onshore oil and gas business to Renaissance Africa Energy Company Limited on March 13, 2025.
After over a year of regulatory processes, the Federal Government gave the green light for the transfer of Shell’s 100 per cent shareholding in SPDC to the Renaissance consortium, a group comprising ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.
The deal, valued at over $2.4 billion, marks Shell’s exit from Nigeria’s onshore operations to focus on its deepwater and integrated gas portfolio. For the Nigerian industry, it signals the transfer of significant operatorship capacity to local hands, with Renaissance now controlling the SPDC Joint Venture’s 30 per cent interest.
2. Savannah Energy acquires SIPEC from Sinopec (March 2025)
Just days before the Shell completion, British independent energy company Savannah Energy Plc finalised its acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC) on March 10, 2025.
This acquisition was a strategic win for Savannah, granting it a 49 per cent non-operated interest in the Stubb Creek field. The deal effectively consolidates Savannah’s influence in the region, as the company’s subsidiary, Universal Energy Resources Limited, is already the operator of the field with a 51 per cent interest. This unification of ownership is expected to streamline decision-making and accelerate development plans for the asset.
3. TotalEnergies and Chevron deepwater farm-out (December 2025)
Towards the end of the year, the focus shifted offshore. On December 1, 2025, TotalEnergies announced a farm-out agreement to sell a 40 per cent participating interest in two offshore exploration licenses—PPL 2000 and PPL 2001—to Star Deep Water Petroleum Limited, a Chevron subsidiary.
This deal highlights the continued interest of IOCs in Nigeria’s deepwater assets, even as they divest from onshore fields. Under the agreement, TotalEnergies retains operatorship with a 40 per cent interest, while Chevron holds 40 per cent, and South Atlantic Petroleum (SAPETRO) holds the remaining 20 per cent. The partnership aims to de-risk exploration in the ultradeep offshore terrain.
4. The TotalEnergies-Conoil asset swap (November 2025)
In a rare asset swap arrangement, TotalEnergies and Conoil Plc realigned their portfolios to better suit their respective operational strengths. On November 21, 2025, TotalEnergies signed an agreement to acquire a 50 per cent operating interest in Oil Prospecting Licence (OPL) 257 from Conoil.
In exchange, Conoil acquired TotalEnergies’ 40 per cent participating interest in Oil Mining Lease (OML) 136. This transaction allows TotalEnergies to consolidate its deepwater exploration cluster while handing over a gas-rich asset (OML 136) to Conoil, a local player eager to expand its gas commercialisation footprint.
5. NNPC, Caverton, and Stena bulk marine JV (February 2025)
Early in the year, the Nigerian National Petroleum Company (NNPC) Limited moved to domesticate marine logistics revenue. In February 2025, NNPC Shipping signed a Joint Venture agreement with local firm Caverton Marine Limited and global tanker operator Stena Bulk.
This deal was not an asset acquisition but a strategic business formation designed to revolutionize crude oil and gas transportation in Nigerian waters. The JV aims to end the dominance of foreign vessels in the lifting of Nigerian crude, ensuring that a larger slice of shipping freight revenue remains within the Nigerian economy while building local technical capacity in marine logistics.