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By Adewale Sanyaolu
Nigeria’s onshore oil sector suffered another major shake-up yesterday as French energy giant TotalEnergies and Italian oil major Eni completed separate deals to divest their interests in the Renaissance Joint Venture (JV), formerly known as the Shell Petroleum Development Company (SPDC) JV, deepening the retreat of international oil companies (IOCs) from the Niger Delta’s onshore assets.
While TotalEnergies sold its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) stake to Vaaris for $800 million, Eni completed the sale of its subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), which holds a five per cent interest in the joint venture, to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Limited.
The transactions underscore the continuing retreat of international oil companies (IOCs) from Nigeria’s onshore and shallow-water oil operations as they reposition their portfolios towards deepwater assets and gas development.
Under the completed agreement, TotalEnergies EP Nigeria transferred its 10 per cent participating interest in 15 mainly oil-producing licences within the Renaissance JV. The divested assets accounted for approximately 16,000 barrels of oil equivalent per day of attributable production in 2025.
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However, the French energy company retained its full economic interest in three gas-producing licences: OML 23, OML 28 and OML 77, which account for 50 per cent of the gas supplied to Nigeria LNG (NLNG).
The retention of the gas interests highlights the strategic importance of Nigeria’s gas resources to the company’s operations, even as it withdraws from part of its onshore oil portfolio.
Eni’s transaction involves the transfer of AENR, its wholly owned subsidiary engaged in onshore and shallow-water hydrocarbon exploration and production, to Apex Global Energy. The deal received approval from all relevant authorities and aligns with Eni’s strategy to optimise its upstream portfolio by divesting non-strategic assets.
