TotalEnergies finalises $800m sale of Nigeria oil assets to Vaaris, retains critical gas supply stakes
French energy multinational TotalEnergies has officially finalized the divestment of its 10% non-operated interest in the Renaissance Joint Venture (JV)—formerly known as the Shell Petroleum Development Company (SPDC) JV—to Vaaris for an aggregate cash consideration of US$800 million.Nigeria economic analysis
While the transaction marks a major milestone in the ongoing restructuring of onshore oil assets in the Niger Delta, TotalEnergies has strategically retained full economic interest in the joint venture’s vital gas assets.
Under the terms of the finalized agreement, TotalEnergies EP Nigeria (TEPNG) transferred its 10% participating interest across 15 primarily oil-producing licenses within the Renaissance JV framework. These divested fields accounted for approximately 16,000 barrels of oil equivalent per day (boe/d) of attributable production in 2025.Economic reform analysis
However, the French energy major has carved out a crucial exception for gas production. TotalEnergies retains its full economic interest in the three key gas-producing licenses of the Renaissance JV—OML 23, OML 28, and OML 77. These fields remain central to the domestic and export energy landscape, accounting for 50% of the gas supply to Nigeria LNG (NLNG).
This successful closure with Vaaris follows a heavily scrutinized period for international oil companies (IOCs) divesting onshore and shallow-water assets in Nigeria.
The Chappal Energies Precedent: The transaction marks a notable rebound from earlier divestment efforts. In 2024, TotalEnergies had initially attempted to sell its SPDC JV stake to Chappal Energies for roughly $860 million. However, that deal faced regulatory headwinds and was ultimately rejected by Nigerian authorities.
Shifting IOC Footprint: The deal aligns with a broader industry trend where major operators are scaling back from operational challenges, community complexities, and security risks in the onshore Niger Delta to focus on deepwater offshore blocks and major gas developments.Buy Maps
Despite exiting the oil-mining leases of the Renaissance JV, TotalEnergies maintains a profound footprint in Nigeria—a country that produced 188,000 boe/d for the company in 2025. Employing over 1,800 people and managing an extensive downstream network of roughly 540 service stations, the company continues to anchor its Nigerian portfolio on deep-offshore operations and strategic gas infrastructure aimed at powering domestic industries and the NLNG project.Nigeria economic analysis
