TotalEnergies to Divest 10% Stake in Nigerian JV
- TotalEnergies signed an SPA with Vaaris for its 10% stake in Renaissance JV.
- Renaissance JV includes 18 licenses in the Niger Delta.
- TotalEnergies' share was 16,000 barrels per day in 2025.
- Closing depends on regulatory approvals.
Transaction Overview
TotalEnergies has entered into a Sale and Purchase Agreement (SPA) with Vaaris to divest its 10% non-operated interest in the Renaissance JV licenses in Nigeria. This joint venture, previously known as the SPDC JV, involves the Nigerian National Petroleum Corporation Ltd, Renaissance Africa Energy Company Ltd, TotalEnergies EP Nigeria, and Agip Energy and Natural Resources Nigeria.
License Details
The Renaissance JV holds 18 licenses in the Niger Delta. TotalEnergies will sell its 10% interest in 15 oil-producing licenses to Vaaris. These licenses accounted for approximately 16,000 barrels equivalent per day in 2025.
Gas License Transfer
TotalEnergies will also transfer its 10% interest in three gas-producing licenses (OML 23, OML 28, and OML 77) to Vaaris. However, TotalEnergies will retain full economic interest in these licenses, which supply 50% of Nigeria LNG's gas.
Closing Conditions
The completion of this transaction is subject to customary conditions, including obtaining necessary regulatory approvals.
Source: TotalEnergies