TotalEnergies Signs Deal to Divest 10% Stake in Nigeria’s Renaissance JV
In a statement issued on Wednesday, the French energy major said its subsidiary, TotalEnergies EP Nigeria, reached the agreement with Vaaris, subject to regulatory approvals and other customary closing conditions.
The Renaissance JV is an unincorporated joint venture comprising the Nigerian National Petroleum Company Limited (NNPC Ltd) with a 55 per cent stake, Renaissance Africa Energy Company Limited as operator with 30 per cent, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria holding the remaining five per cent. The JV controls 18 oil and gas licences located in the Niger Delta.
Under the terms of the agreement, TotalEnergies EP Nigeria will sell its entire 10 per cent participating interest, along with all associated rights and obligations, in 15 Renaissance JV licences that are predominantly oil-producing. These assets delivered about 16,000 barrels of oil equivalent per day to TotalEnergies’ share of production in 2025.
In addition, the company will transfer its 10 per cent participating interest in three gas-producing licences—OML 23, OML 28 and OML 77—to Vaaris. However, TotalEnergies will retain full economic interest in these gas assets, which currently account for roughly 50 per cent of the gas supplied to Nigeria LNG.
“TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil. Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025,” the statement read.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 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% of Nigeria LNG gas supply.
“Closing is subject to customary conditions, including regulatory approvals.”
The transaction marks another step in TotalEnergies’ ongoing portfolio optimisation in Nigeria, as international oil companies continue to rebalance their exposure to onshore and shallow-water assets in the Niger Delta.
Renaissance Africa Energy Holdings, which operates the JV, completed the acquisition of Shell’s entire equity holding in SPDC in March 2025. The deal followed a sale and purchase agreement signed with Shell in January 2024 and the subsequent receipt of all required regulatory approvals.
Renaissance Africa Energy Holdings is a consortium of Nigerian independent oil and gas companies—ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, and the Waltersmith Group—alongside Petrolin, an international energy company with global trading experience and a pan-African outlook.
