In the News:
- TotalEnergies sold its non-operated stake to Vaaris.
- The deal covers 18 oil and gas licences.
- The assets are held by a consortium of oil firms.
TotalEnergies is selling off its 10% stake in the Renaissance Joint Venture (JV) in Nigeria as part of a move to reduce its upstream oil exposure in the country.
The French energy company has signed an agreement to transfer the interest to Vaaris, ending its direct participation in the onshore venture.
In a statement on Wednesday, TotalEnergies said its Nigerian subsidiary, TotalEnergies EP Nigeria, had signed a Sale and Purchase Agreement with Vaaris for the divestment.
The company stated that the transaction covers its non-operated interest in the Renaissance JV licences located in the Niger Delta.
The company explained that the Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture.
The assets are held by Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%) as operator, TotalEnergies EP Nigeria (10%), and Agip Energy And Natural Resources Nigeria (5%).
Beyond this, the company noted that the joint venture holds 18 oil and gas licences across the Niger Delta. These licences include a mix of oil producing and gas producing assets that have supplied both domestic and export markets for decades.
TotalEnergies stated that the agreement allows Vaaris to acquire its 10% participating interest and all associated rights and obligations in 15 oil producing licences.
Production from these licences accounted for about 16,000 barrels of oil equivalent per day in TotalEnergies’ company share in 2025.
The company added that the deal also covers its 10% participating interest in three gas producing licences. These include OML 23, OML 28 and OML 77, which play a central role in Nigeria’s gas supply chain.
However, TotalEnergies noted that while the participating interest will be transferred, it will retain full economic interest in the three gas licences. The company stated that these assets currently account for about 50% of the gas supplied to Nigeria LNG.
What the deal means for Renaissance assets
The sale deepens the ongoing transition of Nigeria’s onshore oil assets to new owners following the exit of international oil companies.
Renaissance Africa Energy Company, which took over Shell’s former onshore business, has become a major player in this shift.
Renaissance operates the joint venture assets and manages day to day production activities across the licences.
The company has continued operations on fields that were previously run by Shell, focusing on sustaining output from mature oil assets and maintaining gas supply commitments.
In addition, the entry of Vaaris introduces another stakeholder into the asset base. The agreement transfers operational exposure and future obligations tied to the licences, including funding requirements and regulatory responsibilities.
TotalEnergies did not disclose the financial value of the transaction. The company stated that completion of the sale remains subject to regulatory approvals and conditions customary for transactions of this nature.
TotalEnergies’ changing focus in Nigeria
Meanwhile, the divestment aligns with TotalEnergies’ broader strategy to rebalance its portfolio in Nigeria.
In recent years, the French oil major has reduced its exposure to onshore oil production while increasing focus on gas and offshore projects.
Nigeria’s onshore oil sector has faced operational challenges linked to ageing infrastructure, security concerns and community disruptions.
These issues have weighed on production and increased operating costs for international operators.
Meanwhile, gas assets tied to Nigeria LNG have remained central to the country’s energy exports. TotalEnergies’ decision to retain economic interest in key gas licences signals the company’s continued commitment to Nigeria’s gas value chain.
