By Akintunde Olamide
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 (JV) licences in Nigeria.
The Renaissance JV, formerly known as the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated partnership made up of the Nigerian National Petroleum Company Limited (NNPCL) 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 the remaining five per cent. The JV controls 18 oil and gas licences across the Niger Delta.
According to a statement released yesterday, the agreement covered the sale of 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. However, TotalEnergies will retain full economic interest in these gas assets, which currently supply about half of the feed gas to Nigeria LNG.
The transaction remains subject to the fulfilment of customary conditions, including obtaining all necessary regulatory approvals.
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