TotalEnergies has signed an agreement to sell its 10% non-operated interest in the Renaissance Joint Venture in Nigeria to Vaaris for $800 million. The transaction, subject to customary closing conditions and regulatory approvals, involves the transfer of TotalEnergies’ interest in 15 oil-producing licenses and 3 gas-producing licenses in the Niger Delta region.
The Renaissance Joint Venture, which comprises NNPC Ltd, Renaissance Africa Energy Company Ltd, TotalEnergies EP Nigeria, and Agip Energy and Natural Resources Nigeria, holds 18 licenses in the region. Despite the sale, TotalEnergies will retain full economic interest in the gas licenses, ensuring continued support for Nigeria LNG, which currently sources 50% of its gas supply from these assets.
This move is part of TotalEnergies’ ongoing portfolio reshuffling in Nigeria, following key milestones achieved in 2025. The company has focused on operated assets, including its entry into PPL offshore exploration and the increase of stakes in OPL 257. The sale of non-operated OML 118 in November 2025 also marked a significant step in this process.
TotalEnergies has reaffirmed its commitment to supporting Nigeria’s strategy to grow production, both onshore and offshore. The company’s investment in the Ubeta gas project on OML58, which reached final investment decision in 2024, demonstrates its dedication to the country’s gas value chain. The project is expected to contribute to Nigeria’s energy landscape, and TotalEnergies’ continued involvement in the sector underscores its confidence in the country’s potential.
The sale of its interest in the Renaissance Joint Venture is a strategic move for TotalEnergies, allowing the company to optimize its portfolio and focus on its core assets. The transaction is expected to be completed subject to regulatory approvals, and its outcome will be closely watched by industry observers. As Nigeria continues to navigate its energy landscape, the involvement of international oil companies like TotalEnergies remains crucial in shaping the country’s energy future.
