TotalEnergies sells its 10% non-operated stake in Renaissance JV licences to Vaaris, retaining economic interest in gas assets feeding Nigeria LNG
TotalEnergies EP Nigeria has entered into a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance Joint Venture licences in Nigeria.
Also read: TotalEnergies asset swap marks major strategic boost
The Renaissance JV, formerly the Shell Petroleum Development Company of Nigeria JV, is an unincorporated partnership comprising the Nigerian National Petroleum Company Limited 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 holding five per cent.
The venture controls 18 oil and gas licences across the Niger Delta.
According to a statement released on Wednesday, the agreement covers TotalEnergies’ entire 10 per cent participating interest, including all associated rights and obligations, in 15 oil-producing licences under the Renaissance JV.
These assets contributed approximately 16,000 barrels of oil equivalent per day to TotalEnergies’ share of production in 2025.
The deal also includes the transfer of TotalEnergies’ 10 per cent interest in three gas-producing licences OML 23, OML 28, and OML 77 to Vaaris.
TotalEnergies will, however, retain full economic interest in these gas assets, which currently supply about half of the feed gas to Nigeria LNG.
Also read: TotalEnergies Nigeria faces setback as NUPRC revokes sale
The transaction remains subject to customary conditions, including obtaining all necessary regulatory approvals.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
