TotalEnergies has announced the signing of an agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance Joint Venture (formerly the Shell Petroleum Development Company of Nigeria Joint Venture) for a total consideration of $800 million.
In a statement issued on Wednesday, the International Oil Company (IOC) said the transaction is subject to customary closing conditions and regulatory approvals.
The Renaissance Joint Venture is made up of NNPC Limited with a 55 per cent stake, Renaissance Africa Energy Company Limited with 30 per cent and operatorship, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria holding the remaining 5 per cent. The JV controls 18 oil and gas licences in the Niger Delta region.
Under the terms of the agreement, TotalEnergies will transfer its 10 per cent interest in 15 oil-producing licences and three gas-producing licences to Vaaris.
However, the company disclosed that it will retain full economic interest in the gas licences involved in the transaction. This, it said, will ensure continued support for Nigeria LNG, which currently derives about 50 per cent of its gas supply from these assets.
The divestment is part of TotalEnergies’ ongoing portfolio reshuffling in Nigeria following several milestones achieved in 2025, with the company refocusing on its operated assets.
These milestones include its entry into offshore exploration under a Petroleum Prospecting Licence (PPL) in August 2025, an increase in its stake in OPL 257, and the sale of its non-operated interest in OML 118, both concluded in November 2025.
“TotalEnergies is committed to supporting the country strategy to grow production in Nigeria: onshore along the gas value chain, as demonstrated by the final investment decision of the Ubeta gas project in 2024 on OML 58, and offshore oil and gas,” the company said.
The transaction underscores the broader trend of International Oil Companies streamlining their onshore portfolios in Nigeria while maintaining strategic exposure to gas assets critical to domestic supply and LNG exports.
