BAKU, Azerbaijan, October 27. TotalEnergies has
completed the sale of its 10% non-operated interest in the
Renaissance joint venture (JV) licenses in Nigeria to Vaaris for
$800 million, the French energy company said in a statement on
October 27.
The transaction was carried out through TotalEnergies EP Nigeria
(TEPNG), a subsidiary of TotalEnergies.
“As announced on January 14th, 2026, TotalEnergies retains full
economic interest in the three gas licenses of the Renaissance JV
(OML 23, OML 28 and OML 77), which currently account for 50% of
Nigeria LNG gas supply,” said the company.
The Renaissance JV, formerly known as the SPDC JV, is an
unincorporated joint venture comprising Nigerian National Petroleum
Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%,
operator), TotalEnergies EP Nigeria (10%) and Agip Energy and
Natural Resources Nigeria (5%). The joint venture holds 18 licenses
in the Niger Delta.
TotalEnergies EP Nigeria has sold its 10% participating
interest, together with all associated rights and obligations, in
15 Renaissance JV licenses, which primarily produce oil, to Vaaris.
Production from these licenses averaged approximately 16,000
barrels of oil equivalent per day in 2025, attributable to
TotalEnergies' share.
TotalEnergies EP Nigeria has also transferred its 10%
participating interest in the three other Renaissance JV licenses,
which primarily produce gas (OML 23, OML 28 and OML 77), to
Vaaris.
TotalEnergies has been present in Nigeria for more than 60 years
and employs today more than 1,800 people across different business
segments. Nigeria is one of the main contributing countries to
TotalEnergies' hydrocarbon production with 188,000 boe/d produced
in 2025. TotalEnergies also operates an extensive distribution
network which includes about 540 service stations in the country.
In all its operations, TotalEnergies is particularly attentive to
the socio-economic development of the country and is committed to
working with local communities.
