TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris to sell its 10 per cent non-operated interest in the Renaissance Joint Venture licences in Nigeria, marking another step in the company’s portfolio adjustment in the country’s upstream oil and gas sector.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture comprising the Nigerian National Petroleum Company Limited with a 55 per cent stake, 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 holding the remaining 5 per cent. The joint venture controls 18 licences located in the Niger Delta.
Under the agreement, TotalEnergies EP Nigeria will sell its 10 per cent participating interest, along with all associated rights and obligations, in 15 of the JV’s licences, which are largely oil-producing. Production from these assets accounted for about 16,000 barrels of oil equivalent per day in TotalEnergies’ share in 2025.
The deal also covers the transfer of TotalEnergies’ 10 per cent participating interest in three gas-focused licences, OML 23, OML 28 and OML 77, to Vaaris. However, TotalEnergies will retain full economic interest in these gas assets, which currently supply around half of Nigeria LNG’s gas requirements.
According to the company, the transaction is subject to customary conditions, including regulatory approvals. Once completed, the deal is expected to further reshape ownership within the Renaissance JV while maintaining stability in Nigeria’s critical gas supply chain, which plays a key role in supporting power generation, industrial activity and broader economic participation.
