TotalEnergies said that it has agreed to sell its 10 percent non-operated stake in Nigeria’s onshore SPDC asset, now called the Renaissance joint venture, to Vaaris. The agreement follows the collapse of a planned sale last year to Mauritius-based Chappal Energies.
The transaction also covers interests in three additional licenses that mainly produce gas for Nigeria LNG. TotalEnergies will keep full economic rights to those assets.
Corporate records show that Vaaris Resources JV Co Limited was registered in Nigeria on December 22, 2025. TotalEnergies did not release further details about the buyer.
Nigerian regulators stopped TotalEnergies’ earlier $860 million deal with Chappal Energies last year after determining the buyer could not raise the required funds. The setback slowed the company’s plan to exit aging onshore assets and reduce its debt.
SPDC has faced persistent operational challenges, including frequent oil spills caused by theft, sabotage, and equipment failures. These issues have led to expensive repairs.
Shell sold its 30 percent stake in SPDC last year to a group of five largely local companies in a deal valued at up to $2.4 billion.
Nigeria’s national oil company, NNPC, owns 55 percent of the joint venture, while Italy’s Eni holds a 5 percent stake.
source:www.reuters.com
African Energy Council