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TotalEnergies yesterday announced the signing of an agreement with Vaaris for the sale of its 10 per cent 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. The Renaissance JV, comprising NNPC Ltd (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent), and Agip Energy and Natural Resources Nigeria (five per cent), holds 18 licenses in the Niger Delta region.
Under the agreement, TotalEnergies will transfer its 10 per cent 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 per cent of its gas supply from these assets.
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TotalEnergies continues its portfolio reshuffling in Nigeria after key milestones achieved in 2025 focusing on operated assets: entry in PPL 2000/2001 offshore exploration in August 2025, the increase of stakes in OPL 257 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 OML 58 and offshore oil and gas.
In March 2025, Renaissance JV made up of Nigerian firms: ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin, completed the acquisition of Shell’s Nigerian onshore subsidiary, Shell Petroleum Development Company (SPDC), for around $2.4 billion taking over its 30 per cent stake in the SPDC Joint Venture and assets.
The significant deal shifts control of major onshore assets to indigenous operators, with SPDC being renamed Renaissance Africa Energy Company Limited and continuing as JV operator.
