TotalEnergies SE has signed an agreement to divest its 10 percent interest in a Niger Delta joint venture previously operated by Shell PLC to Vaaris.
Chappal Energies Mauritius Ltd previously entered into a deal to buy the stake but, according to an online statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on September 25, 2025, failed to consummate the transaction after time extensions.
The Renaissance JV, previously known as the SPDC JV when it was operated by Shell Petroleum Development Company of Nigeria Ltd (SPDC), holds 15 licenses producing mainly oil, TotalEnergies noted in a statement announcing the sale to Vaaris. The licenses contributed about 16,000 barrels of oil equivalent a day to TotalEnergies’ net production last year, the company said.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 percent participating interest in the three other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses which currently account for 50 percent of Nigeria LNG gas supply”, the statement added.
The completion of the transaction, the price of which has not been disclosed, is subject to regulatory approvals and other customary conditions, according to the statement.
Currently Renaissance JV is owned by Nigerian National Petroleum Corp Ltd (55 percent), operator Renaissance Africa Energy Co Ltd (30 percent), TotalEnergies EP Nigeria (10 percent) and Eni SpA’s Agip Energy and Natural Resources Nigeria (five percent).
Confirming the collapse of the previous sale to Chappal, the NUPRC said “the withdrawal of a ministerial consent does not in any way rule out the possibility of a future divestment by the interested parties provided such an asset sale is in line with extant laws”.
“The NUPRC affirms that in line with Section 6(h) of the Petroleum Industry Act, it remains committed to promoting an enabling environment for investments in upstream petroleum operations”, added the NUPRC statement last year.
In late 2025 TotalEnergies completed a separate Nigerian transaction to sell its 12.5 percent stake in Oil Mining Lease 118, which contains the producing Bonga field, to partners Shell PLC and Eni for $510 million.
Shell Nigeria Exploration and Production Co Ltd got 10 percent, reduced from the initially intended 12.5 percent. Eni exercised its preemption right for 2.5 percent, the parties confirmed in separate statements November 25, 2025.
The transaction has raised operator Shell’s interest to 65 percent and Eni’s to 15 percent. Exxon Mobil Corp retains 20 percent through Esso Exploration and Production Nigeria Ltd.
OML118 contains the Bonga field, which started production 2005 and has a capacity of 225,000 barrels of oil per day, according to Shell.
TotalEnergies previously said the recent Nigerian divestments are part of its efforts to refocus investment in the West African country to offshore oil and operated gas.
Shell had also sold SPDC – and consequently its operating stake in the SPDC JV – to Renaissance, in a deal completed in the first quarter of 2025, to refocus its Nigerian investment to deepwater and integrated gas assets.
To contact the author, email jov.onsat@rigzone.com
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