TotalEnergies sells 10% stake in Renaissance JV Licences to Vaaris

TotalEnergies EP Nigeria, a subsidiary of global energy major TotalEnergies, has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.

The Renaissance JV, formerly known as the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated partnership comprising Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Limited (30 per cent and operator), TotalEnergies EP Nigeria (10 per cent), and Agip Energy and Natural Resources Nigeria (5 per cent). The JV holds 18 oil and gas licences across 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 about 16,000 barrels of oil equivalent per day on a net basis 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 the interests in these licences 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 customary closing conditions, including the receipt of all relevant regulatory approvals.

TotalEnergies has maintained a presence in Nigeria for over 60 years and currently employs more than 1,800 people across its upstream, downstream and marketing operations. 

In 2024, Nigeria contributed approximately 209,000 barrels of oil equivalent per day to the company’s global hydrocarbon production.

Reaffirming its long-term commitment to the country, TotalEnergies said it would continue to operate an extensive downstream business in Nigeria, including a nationwide network of about 540 service stations.