TotalEnergies has announced the signing of an agreement with Vaaris for the sale of its 10% non-operated interest in the Renaissance Joint Venture (formerly SPDC JV) in Nigeria, for a total consideration of $800 million.
A statement by the International Oil Companies said the transaction is subject to customary closing conditions and regulatory approvals.
The Renaissance JV, comprising NNPC Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%), holds 18 licenses in the Niger Delta region.
Under the agreement, TotalEnergies will transfer its 10% interest in 15 oil-producing licenses and 3 gas-producing licenses to Vaaris.
The IOC will, however, retain full economic interest in the gas licenses, ensuring continued support for Nigeria LNG, which currently sources 50% of its gas supply from these assets.
TotalEnergies continues its portfolio reshuffling in Nigeria after key milestones achieved in 2025, focusing on operated assets: entry in PPL offshore exploration in August 2025, the increase of stakes in OPL 257, and the sale of non-operated OML 118 both in November 2025.
“TotalEnergies is committed to supporting the country strategy to grow production in Nigeria: onshore along the gas value chain, as demonstrated by the FID of the Ubeta gas project in 2024 on OML58 and offshore oil and gas”, the statement added.