TotalEnergies has completed the divestment of its 10% non-operated interest in Nigeria’s Renaissance joint venture (JV) licences to Vaaris for $800 Mn, while retaining its full economic interest in three gas licences supplying Nigeria LNG, the French energy company said on October 27.
The transaction was completed through TotalEnergies EP Nigeria (TEPNG), following a sale and purchase agreement announced on January 14, TotalEnergies said.
The three gas licences, OML 23, OML 28 and OML 77, currently account for 50% of Nigeria LNG’s gas supply.
The Renaissance JV, formerly known as the Shell Petroleum Development Company (SPDC) JV, holds oil and gas interests in Nigeria’s Niger Delta. The divestment covers TotalEnergies’ 10% interest in the JV, while the company retains its full economic interest in the three gas licences.
TotalEnergies produced 188,000 barrels of oil equivalent per day (boe/d) in Nigeria in 2025, making the country one of its main hydrocarbon-producing markets. The company has operated in Nigeria for more than 60 years and also runs a distribution network of around 540 service stations.
