Nigeria: TotalEnergies Agrees to Sell Renaissance Stake to Vaaris for $800m

TotalEnergies has announced 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 $800 million.

The transaction is subject to customary closing conditions and regulatory approvals, according to a statement on Wednesday.

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 three 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 Nigeria: onshore along the gas value chain as demonstrated by the FID of Ubeta gas project in 2024 on OML58 and offshore oil and gas.