French energy giant TotalEnergies has signed a new Sale and Purchase Agreement (SPA) to sell its 10 per cent non-operated interest in Nigerian onshore oil assets formerly owned by Shell Petroleum Development Company (SPDC), now renamed the Renaissance Joint Venture (JV).
The buyer, Vaaris, is set to acquire the stake as part of TotalEnergies’ ongoing portfolio reshaping in Nigeria.
The sale comes after a previously planned deal with Mauritius-based Chappal Energies fell through last year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had blocked the $860 million transaction, citing the buyer’s inability to meet financial obligations despite repeated extensions.
In the newly announced agreement, TotalEnergies EP Nigeria, the company’s local subsidiary, will transfer its 10 per cent interest and associated rights in 15 Renaissance JV licenses producing primarily oil.
The licenses accounted for roughly 16,000 barrels of oil equivalent per day in TotalEnergies’ share during 2025.
Also, TotalEnergies will sell its 10 per cent interest in three gas-producing licenses—OML 23, OML 28, and OML 77—while retaining full economic interest.
These gas assets currently supply about 50 per cent of Nigeria LNG’s gas requirements.
“The transaction is subject to customary conditions, including regulatory approvals,” TotalEnergies noted in its statement, underlining that Nigerian authorities must still grant final clearance before the sale can be completed.
The Renaissance JV is an unincorporated partnership that includes the Nigerian National Petroleum Corporation (NNPC) with 55 per cent, Renaissance Africa Energy Company Limited with 30 per cent (operator), TotalEnergies with 10 per cent, and Agip Energy and Natural Resources Nigeria holding 5 per cent.
The consortium collectively controls 18 licenses in Nigeria’s Niger Delta.
Renaissance Africa Energy Company Limited, a consortium of four Nigerian independent energy companies—FIRST E&P, Aradel Holdings, Waltersmith, and ND Western—alongside the international partner Petrolin, acquired the former SPDC assets in December 2024 for $2.4 billion, marking one of the largest private acquisitions in Nigeria’s oil sector.
TotalEnergies has operated in Nigeria for over six decades, currently employing more than 1,800 staff across its business segments.
The company’s Nigerian operations accounted for 209,000 barrels of hydrocarbons per day in 2024 and include around 540 service stations nationwide.
The French oil major emphasised its commitment to local socio-economic development, community engagement, and responsible operations, even as it continues to restructure its portfolio.
In 2025, TotalEnergies completed several strategic moves, including entering Petroleum Prospecting Licenses (PPL) 2000/2001 offshore, increasing stakes in Oil Prospecting License (OPL) 257, and selling non-operated Oil Mining Lease (OML) 118.
This latest deal reflects TotalEnergies’ strategy to focus on operated assets while maintaining economic benefits from key gas-producing licenses that underpin Nigeria LNG’s operations.
