By Ayomide Otitoju
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, the international oil company said the transaction is subject to customary closing conditions and regulatory approvals.
The Renaissance JV comprises Nigerian National Petroleum Company Limited (NNPC Ltd) with a 55 per cent stake, Renaissance Africa Energy Company Ltd as operator with 30 per cent, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria with five per cent. The joint venture holds 18 licences across the Niger Delta region.
Under 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 will retain full economic interest in the gas licences, ensuring continued support for Nigeria LNG, which currently sources about 50 per cent of its gas supply from the affected assets.
The divestment forms part of TotalEnergies’ ongoing portfolio reshuffling in Nigeria following key milestones achieved in 2025. These include its entry into offshore exploration under the Petroleum Prospecting Licence (PPL) regime in August 2025, an increase in its stake in OPL 257, and the sale of its non-operated interest in OML 118 in November 2025.
TotalEnergies reaffirmed its commitment to Nigeria’s energy strategy, noting that it remains focused on growing production across the country.
“TotalEnergies is committed to supporting the country’s strategy to grow production in Nigeria, both onshore along the gas value chain—illustrated by the final investment decision on the Ubeta gas project in 2024 on OML 58—and offshore oil and gas,” the statement said.
