️ TotalEnergies Exits 10% Stake in Renaissance JV, Hands Interests to Vaaris
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris to sell its 10% non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.
This move represents a significant reshaping of ownership in one of Nigeria’s most important oil and gas joint ventures.
Understanding the Renaissance JV
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture comprising:
• ️ NNPC Limited – 55%
• ️ Renaissance Africa Energy Company Ltd (Operator) – 30%
• TotalEnergies EP Nigeria – 10% (now being sold)
• ⚡ Agip Energy & Natural Resources Nigeria – 5%
The JV holds 18 oil and gas licences located in the Niger Delta.
What Exactly Is TotalEnergies Selling?
Under the agreement with Vaaris:
️ Oil-Producing Assets
• TotalEnergies will sell its full 10% participating interest
• Covers 15 licences, mainly oil-producing
• These licences contributed about 16,000 barrels of oil equivalent per day to TotalEnergies’ share in 2025
• All rights and obligations tied to these assets will be transferred to Vaaris
Gas-Producing Assets (Strategic Twist)
• TotalEnergies will transfer its 10% participating interest in three gas licences:
• OML 23
• OML 28
• OML 77
• However, TotalEnergies will retain full economic interest in these gas assets
• These licences currently account for about 50% of Nigeria LNG’s gas supply
In simple terms:
TotalEnergies exits operations but keeps the economic upside from gas.
Why This Matters
• Signals portfolio restructuring by TotalEnergies in Nigeria
• ️ Shows a shift away from oil-heavy assets while retaining exposure to strategic gas supply
• Reinforces Nigeria’s importance in global LNG supply chains
• Highlights growing roles of local and regional players like Vaaris
⏳ Deal Not Final Yet
The transaction is not yet completed and remains subject to:
• Regulatory approvals
• Other customary closing conditions
Once approved, Vaaris will officially step into TotalEnergies’ former role in the Renaissance JV.
Investor Takeaway
• This is part of a broader trend of international oil majors rebalancing assets in Nigeria
• Gas assets remain highly strategic, especially for LNG exports
• Ownership changes like this can affect:
• JV dynamics
• Production priorities
• Long-term capital allocation
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris to sell its 10% non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.
This move represents a significant reshaping of ownership in one of Nigeria’s most important oil and gas joint ventures.
Understanding the Renaissance JV
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture comprising:
• ️ NNPC Limited – 55%
• ️ Renaissance Africa Energy Company Ltd (Operator) – 30%
• TotalEnergies EP Nigeria – 10% (now being sold)
• ⚡ Agip Energy & Natural Resources Nigeria – 5%
The JV holds 18 oil and gas licences located in the Niger Delta.
What Exactly Is TotalEnergies Selling?
Under the agreement with Vaaris:
️ Oil-Producing Assets
• TotalEnergies will sell its full 10% participating interest
• Covers 15 licences, mainly oil-producing
• These licences contributed about 16,000 barrels of oil equivalent per day to TotalEnergies’ share in 2025
• All rights and obligations tied to these assets will be transferred to Vaaris
Gas-Producing Assets (Strategic Twist)
• TotalEnergies will transfer its 10% participating interest in three gas licences:
• OML 23
• OML 28
• OML 77
• However, TotalEnergies will retain full economic interest in these gas assets
• These licences currently account for about 50% of Nigeria LNG’s gas supply
In simple terms:
TotalEnergies exits operations but keeps the economic upside from gas.
Why This Matters
• Signals portfolio restructuring by TotalEnergies in Nigeria
• ️ Shows a shift away from oil-heavy assets while retaining exposure to strategic gas supply
• Reinforces Nigeria’s importance in global LNG supply chains
• Highlights growing roles of local and regional players like Vaaris
⏳ Deal Not Final Yet
The transaction is not yet completed and remains subject to:
• Regulatory approvals
• Other customary closing conditions
Once approved, Vaaris will officially step into TotalEnergies’ former role in the Renaissance JV.
Investor Takeaway
• This is part of a broader trend of international oil majors rebalancing assets in Nigeria
• Gas assets remain highly strategic, especially for LNG exports
• Ownership changes like this can affect:
• JV dynamics
• Production priorities
• Long-term capital allocation