TotalEnergies plans divestment of 10% interest in Renaissance JV assets

TOTALENERGIES EP Nigeria, a unit of TotalEnergies, has signed a sale and purchase agreement (SPA) with Vaaris to dispose of its 10 percent non-operating stake in the Renaissance Joint Venture (JV) licences in Nigeria.

The Renaissance JV, formerly the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated partnership comprising Nigerian National Petroleum Corporation Limited with 55 percent equity, Renaissance Africa Energy Company Limited as operator with 30 percent, TotalEnergies EP Nigeria holding 10 percent, and Agip Energy and Natural Resources Nigeria with the remaining 5 percent.

Collectively, the joint venture controls 18 oil and gas licences located in the Niger Delta region.

As part of the transaction, TotalEnergies will divest its 10 percent participating interest in 15 oil-producing licences to Vaaris. These assets contributed roughly 16,000 barrels of oil equivalent per day to the company on a net basis in 2025.

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The agreement also includes TotalEnergies’ 10 percent interest in three gas licences: OML 23, OML 28 and OML 77. Although ownership of these interests will pass to Vaaris, TotalEnergies will continue to retain full economic benefits from the gas assets, which currently provide about half of the feed gas supplied to Nigeria LNG.

Completion of the deal is subject to customary closing requirements, including the approval by relevant regulatory authorities.

TotalEnergies has maintained operations in Nigeria for over 60 years, with a workforce exceeding 1,800 employees across its upstream, downstream and marketing segments.

In 2024, the company’s Nigerian operations contributed approximately 209,000 barrels of oil equivalent per day to its worldwide hydrocarbon output.

The company said it remained committed to Nigeria over the long term, highlighting its strong downstream footprint that includes about 540 service stations spread across the country.