TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the disposal of its 10 per cent non-operated stake in the Renaissance Joint Venture (JV) licences in Nigeria.
The Renaissance JV, formerly the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated joint venture involving Nigerian National Petroleum Company Limited (NNPCL) with a 55 per cent interest, 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 JV holds 18 oil and gas licences spread across the Niger Delta.
In a statement issued on Wednesday, TotalEnergies said the agreement entails the transfer of its entire 10 per cent participating interest, along with all associated rights and obligations, in 15 oil-dominated licences operated under the Renaissance JV. These assets delivered about 16,000 barrels of oil equivalent per day to TotalEnergies’ share of production in 2025.
The transaction also covers the transfer of TotalEnergies EP Nigeria’s 10 per cent participating interest in three gas-producing licences — OML 23, OML 28 and OML 77 — to Vaaris. However, TotalEnergies will maintain full economic interest in the gas assets, which currently provide around 50 per cent of the gas supply to Nigeria LNG.
The completion of the deal is subject to the satisfaction of customary conditions precedent, including the receipt of all necessary regulatory approvals.
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