TotalEnergies announces the signing of an agreement with Vaaris for the sale of its 10% non-operated interest in the Renaissance Joint Venture (formerly SPDC JV) in Nigeria, for a total consideration of USD 800 million. The transaction is subject to customary closing conditions and regulatory approvals
The Renaissance JV, comprising NNPC Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%), holds 18 licenses in the Niger Delta region.
Under the agreement, TotalEnergies will transfer its 10% interest in 15 oil-producing licenses and 3 gas-producing licenses to Vaaris.
TotalEnergies will retain full economic interest in the gas licenses, ensuring continued support for Nigeria LNG, which currently sources 50% of its gas supply from these assets.
TotalEnergies continues its portfolio reshuffling in Nigeria after key milestones achieved in 2025 focusing on operated assets: entry in PPL2000/2001 offshore exploration in August 2025, the increase of stakes in OPL257 and the sale of non-operated OML118 both in November 2025.
TotalEnergies is committed to support the country strategy to grow production in Nigerian onshore along the gas value chain as demonstrated by the FID of Ubeta gas project in 2024 on OML58 and offshore oil and gas.
