January 14, (THEWILL) — TotalEnergies has agreed to sell its 10% non-operated stake in Nigeria’s onshore oil venture formerly known as the Shell Petroleum Development Company (SPDC) Joint Venture, now the Renaissance Joint Venture (JV), to Vaaris Resources JV Co. Limited.
Under the agreement, TotalEnergies EP Nigeria will transfer its participating interest in 15 oil-producing licences within the Renaissance JV.
The assets accounted for about 16,000 barrels of oil equivalent per day attributable to TotalEnergies in 2025.
The deal also includes interests in three gas-producing licences supplying Nigeria LNG, although TotalEnergies will retain full economic interest in the gas assets.
Vaaris Resources JV Co. Limited was incorporated in Nigeria in December 2025. Financial details of the transaction were not disclosed, and the sale is subject to regulatory approval.
The move follows a failed attempt to sell the same stake to Chappal Energies for $860 million, which was blocked after the buyer did not meet funding requirements.
The Renaissance JV is owned by NNPC Ltd (55%), Renaissance Africa Energy Company (30%, operator), TotalEnergies (10%), and Eni (5%).
The divestment aligns with the broader exit of international oil companies from Nigeria’s ageing onshore assets amid security, operational, and environmental challenges.
Ogochukwu Onwaeze
