TotalEnergies to divest its oil interest in Nigeria’s Renaissance JV

TotalEnergies has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licences in Nigeria

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licences in the Niger Delta.

Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licenses represented approximately 16,000 barrels equivalent per day in company share in 2025. TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the three other licences of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licences which currently account for 50% of Nigeria LNG gas supply.

The move can be seen as a rebalancing of TotalEnergies’ portfolio in Nigeria, enabling the company to reduce its exposure to non-operated oil assets while freeing up capital for other priorities and allowing it to retain full economic interest in critical gas assets.

Closing is subject to regulatory approvals.

TotalEnergies has been present in Nigeria for more than 60 years and currently employs more than 1,800 people across different business segments. Nigeria makes a significant contribution to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. The company has a strong commitment to the socio-economic development of the country and is committed to working with local communities.