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TotalEnergies has announced the signing of an agreement with Vaaris for the sale of its 10% non-operated interest in the Renaissance Joint Venture (formerly SPDC JV) in Nigeria, for a total consideration of USD 800 million. The transaction is subject to customary closing conditions and regulatory approvals
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between 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%), which holds 18 licenses in the Niger Delta region.
Under the agreement, TotalEnergies will transfer its 10% participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in Company share in 2025.
TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licences which currently account for 50% of Nigeria LNG gas supply.
Closing the transaction is subject to customary conditions, including regulatory approvals.
TotalEnergies continues its portfolio reshuffling in Nigeria after key milestones achieved in 2025 focusing on operated assets: entry in PPL2000/2001 offshore exploration in August 2025, the increase of stakes in OPL257 and the sale of non-operated OML118 both in November 2025.
TotalEnergies is committed to support the country strategy to grow production in Nigeria: onshore along the gas value chain as demonstrated by the FID of Ubeta gas project in 2024 on OML58 and offshore oil and gas.
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 209,000 boe/d produced in 2024.
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.
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
