French energy giant TotalEnergies has completed the sale of its 10 per cent participating interest in Nigeria’s Renaissance Joint Venture to Vaaris in a deal valued at $800 million, while retaining its full economic interest in three gas-producing licences that supply about half of the gas required by Nigeria LNG Limited (NLNG).
Key Highlights
- TotalEnergies completes sale of its 10 per cent stake in the Renaissance JV to Vaaris for $800 million.
- The deal covers its participating interest in 18 licences operated by the joint venture.
- TotalEnergies keeps full economic interest in OMLs 23, 28 and 77, which supply about 50 per cent of NLNG’s gas.
- The 15 oil licences sold produced about 16,000 boe/d attributable to TotalEnergies in 2025.
- The deal follows Shell’s and Eni’s exits from the former SPDC joint venture.
The company announced the completion of the transaction on Tuesday, saying its subsidiary, TotalEnergies EP Nigeria, has concluded the transfer of its participating interest and associated rights and obligations in 18 licences operated by the joint venture.
The deal marks another shift in the ownership of Nigeria’s onshore oil and gas assets as international energy companies restructure their portfolios and investors with Nigerian links expand their participation in the upstream petroleum sector.
TotalEnergies Keeps Gas Licences Feeding NLNG
Despite transferring its interest in the licences, TotalEnergies will retain its full economic interest in Oil Mining Leases (OMLs) 23, 28 and 77, three gas-producing assets considered strategically important to Nigeria’s liquefied natural gas industry.
The licences currently supply approximately 50 per cent of the gas required by NLNG, a major producer and exporter of liquefied natural gas.
TotalEnergies had announced the agreement to sell its interest to Vaaris on January 14, 2026. The completion of the transaction brings the divestment process to a close.
Under the agreement, Vaaris acquired the French company’s 10 per cent participating interest in the Renaissance Joint Venture, which operates 18 licences in the Niger Delta, including predominantly oil-producing assets and the three gas-focused licences.
TotalEnergies said the 15 predominantly oil-producing licences involved in the transaction accounted for approximately 16,000 barrels of oil equivalent per day attributable to the company in 2025.
The arrangement allows the company to reduce its direct participation in the affected oil-producing assets while preserving its economic exposure to gas resources that underpin Nigeria’s LNG production and export operations.
Changing Ownership Of Former SPDC Joint Venture
The Renaissance Joint Venture, formerly known as the Shell Petroleum Development Company joint venture, is operated by Renaissance Africa Energy Company Limited, which holds a 30 per cent interest.
The Nigerian National Petroleum Company Limited (NNPCL) holds a 55 per cent interest, while TotalEnergies previously held 10 per cent and Agip Energy and Natural Resources Nigeria held the remaining five per cent before the recent ownership changes.
The latest transaction follows a wider restructuring of the former SPDC joint venture after Shell completed the sale of its 30 per cent interest to Renaissance Africa Energy and its consortium partners.
Italian energy company Eni has also completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources Nigeria, to Apex Global Energy Limited, a subsidiary of Sterling Oil Exploration and Energy Production Company.
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The transactions are changing the ownership structure of the joint venture, with Nigerian-linked companies taking on larger roles in the country’s onshore petroleum industry.
TotalEnergies, however, continues to maintain a significant presence in Nigeria through its remaining oil and gas interests and downstream operations.
The company said it had operated in Nigeria for more than 60 years and employed over 1,800 people across its businesses. It reported Nigerian hydrocarbon production of approximately 188,000 barrels of oil equivalent per day in 2025 and operates a distribution network of about 540 service stations.
The retention of its full economic interest in OMLs 23, 28 and 77 underscores the continuing importance of natural gas to the company’s Nigerian portfolio, even as it transfers its participating interest in the broader joint venture to Vaaris.
For Nigeria, the transaction highlights the changing ownership of mature onshore oil and gas assets and the strategic importance of maintaining gas supplies to NLNG, whose production and exports depend on reliable feedstock from domestic fields.
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