TotalEnergies has signed an agreement to sell its 10% non-operated stake in Nigeria's Renaissance joint venture to Vaaris. The company will transfer its interest in 15 oil-producing licenses along with associated rights and obligations.
These assets delivered approximately 16,000 barrels of oil equivalent per day to TotalEnergies in 2025 on a net basis, according to company statements.
The transaction also involves the transfer of TotalEnergies' 10% participating interest in three gas-producing licenses: OML 23, OML 28, and OML 77. However, TotalEnergies will maintain full economic exposure to these gas assets.
The three gas licenses supply about half of the gas feeding Nigeria LNG, one of the country's major export projects.
The Renaissance joint venture operates across 18 licenses in the Niger Delta. The venture is owned by Nigerian National Petroleum Corporation Ltd with 55%, Renaissance Africa Energy Company Ltd with 30% as operator, TotalEnergies EP Nigeria with 10%, and Agip Energy and Natural Resources Nigeria with 5%.
Completion of the deal depends on customary closing conditions including regulatory and governmental approvals.
This sale follows TotalEnergies' strategy of portfolio rationalization in Africa, particularly regarding mature onshore and shallow-water assets in Nigeria's Niger Delta. Other international oil companies have made similar moves in recent years.
Companies including Shell, ExxonMobil, and Eni have pursued comparable divestments, transferring Nigerian onshore assets to local or regionally focused operators. Renaissance Africa Energy's emergence as operator of what was previously the SPDC joint venture reflects this trend toward greater domestic participation.
TotalEnergies is not exiting Nigeria through this transaction. The company remains invested in offshore oil projects and gas operations, particularly through Nigeria LNG. In 2024, Nigeria contributed about 209,000 barrels of oil equivalent per day to TotalEnergies' global production.
By keeping economic interest in the three gas licenses, TotalEnergies maintains connection to LNG-linked gas production. Nigeria LNG is central to the country's gas monetization strategy and supplies global markets, with increased exports to Europe following the Russia-Ukraine war.
Retaining economic exposure while transferring operational interests allows TotalEnergies to reduce complexity and risk without losing cash flow from LNG exports.
TotalEnergies has operated in Nigeria for over sixty years and employs more than 1,800 people across upstream, gas, and downstream businesses. The company also operates about 540 service stations nationwide.