TotalEnergies has signed an agreement to divest its 10% non-operated interest in the Renaissance Joint Venture (formerly SPDC JV) in Nigeria to Vaaris for a total consideration of $800 million.
Okay News reports that the transaction, announced by the International Oil Companies, remains subject to customary closing conditions and regulatory approvals.
The Renaissance JV comprises NNPC Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%).
It holds 18 licences in the Niger Delta region, covering both oil and gas assets.
Under the deal, TotalEnergies will transfer its 10% interest in 15 oil-producing licences and three gas-producing licences to Vaaris.
The company will, however, retain its full economic interest in the gas licences to continue supporting Nigeria LNG, which currently sources 50% of its gas supply from these assets.
This divestment forms part of TotalEnergies’ ongoing portfolio optimisation in Nigeria, following key milestones in 2025.
These include entry into PPL offshore exploration in August 2025, an increase in stakes in OPL 257, and the sale of non-operated OML 118, both in November 2025.
The company reaffirmed its commitment to supporting Nigeria’s strategy to grow production, particularly onshore along the gas value chain, as demonstrated by the Final Investment Decision (FID) for the Ubeta gas project on OML 58 in 2024.
TotalEnergies will maintain focus on operated assets in offshore oil and gas to drive sustained development in Nigeria’s energy sector.
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