TotalEnergies EP Nigeria, a subsidiary of TotalEnergies, has entered into a Sale and Purchase Agreement with Vaaris for the divestment of its 10 percent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.

The Renaissance JV, previously known as the SPDC JV, is an unincorporated joint venture made up of the Nigerian National Petroleum Corporation Limited (55 percent), Renaissance Africa Energy Company Limited (30 percent and operator), TotalEnergies EP Nigeria (10 percent), and Agip Energy and Natural Resources Nigeria (5 percent).

The JV holds a total of 18 oil and gas licences across the Niger Delta.

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Under the terms of the agreement, TotalEnergies will transfer its 10 percent participating interest in 15 oil-producing licences to Vaaris. These assets accounted for about 16,000 barrels of oil equivalent per day on a net basis to the company in 2025.

The deal also covers TotalEnergies’ 10 percent participating interest in three gas-producing licences, OML 23, OML 28 and OML 77. While these interests will be transferred to Vaaris, TotalEnergies will retain full economic rights to the gas assets, which currently supply around 50 percent of the feed gas to Nigeria LNG.

The transaction remains subject to standard closing conditions, including the receipt of all required regulatory approvals.

TotalEnergies has operated in Nigeria for more than six decades and employs over 1,800 people across its upstream, downstream and marketing businesses in the country.

In 2024, Nigeria contributed about 209,000 barrels of oil equivalent per day to the company’s global hydrocarbon production.

In its statement, TotalEnergies reaffirmed its long-term commitment to Nigeria, noting that it continues to operate an extensive downstream presence, including a network of roughly 540 service stations nationwide. (Business Day)