TotalEnergies has signed a sale and purchase agreement to divest its 10% non-operated oil interest in Nigeria’s Renaissance joint venture, formerly the Shell Petroleum Development Company (SPDC) JV, as part of its ongoing portfolio rationalization in the country.
Under the agreement, TotalEnergies EP Nigeria will sell its 10% participating interest in 15 oil-producing licenses within the Renaissance JV to Vaaris, along with associated rights and obligations. Production from these licenses represented about 16,000 boe/d net to TotalEnergies in 2025.
The company will also transfer its 10% participating interest in three gas-producing licenses—OML 23, OML 28 and OML 77—while retaining its full economic interest in those assets. The gas licenses currently account for roughly half of Nigeria LNG’s gas supply.
The Renaissance JV is an unincorporated joint venture comprising Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), holding 18 licenses in the Niger Delta.
Completion of the transaction remains subject to customary conditions, including regulatory approvals.
