TotalEnergies exits oil assets in Renaissance JV, sells 10% stake to Vaaris

TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.

The Renaissance JV, formerly known as the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated partnership comprising the Nigerian National Petroleum Company Limited (NNPCL) with 55 per cent, Renaissance Africa Energy Company Ltd as operator with 30 per cent, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria with five per cent. The JV holds 18 oil and gas licences in the Niger Delta.

In a statement issued on Wednesday, TotalEnergies said the agreement with Vaaris covers the sale of its entire 10 per cent participating interest, along with all associated rights and obligations, in 15 oil-producing licences operated under the Renaissance JV. These assets accounted for about 16,000 barrels of oil equivalent per day in TotalEnergies’ share of production in 2025.

Under the same agreement, TotalEnergies EP Nigeria will also transfer its 10 per cent participating interest in three gas-producing licences – OML 23, OML 28 and OML 77 – to Vaaris. However, TotalEnergies will retain full economic interest in these gas assets, which currently supply about 50 per cent of the feed gas to Nigeria LNG.

The completion of the transaction is subject to the fulfilment of customary conditions, including relevant regulatory approvals.