TotalEnergies has completed the sale of its 10% non-operated interest in oil licenses held by the Renaissance joint venture in Nigeria to Vaaris for $800 million.
The French energy company announced the completion of the transaction in a press statement issued on Tuesday, October 27, 2026.
The deal comes more than nine months after TotalEnergies announced that its subsidiary, TotalEnergies EP Nigeria (TEPNG), had signed a sale and purchase agreement with Vaaris for its interest in the joint venture’s licenses.
TotalEnergies confirmed that TEPNG transferred its 10% non-operated interest in the Renaissance joint venture’s oil licenses to Vaaris for a total of $800 million.
However, TotalEnergies will retain its full economic interest in the joint venture’s three gas licenses, OML 23, OML 28, and OML 77.
The company said these licenses currently supply 50% of the gas delivered to Nigeria LNG. The transaction therefore covers its oil interests in the joint venture, while its economic interests in the three gas licenses remain unchanged.
The sale completes the process announced in January 2026, when TotalEnergies agreed to transfer its participating interest, along with the associated rights and obligations, in 15 licenses that produce mainly oil.
TotalEnergies had previously attempted to sell its 10% interest in the same joint venture, formerly known as the Shell Petroleum Development Company (SPDC) joint venture.
In July 2024, the company agreed to sell the interest to Mauritius-based Chappal Energies for $860 million. However, the deal did not reach completion.
In September 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew its approval for the transaction after the parties failed to meet the financial commitments required to complete the sale.
Following the unsuccessful deal with Chappal Energies, TotalEnergies announced a new sale agreement with Vaaris on January 14, 2026.
Under the agreement, TotalEnergies planned to transfer its 10% participating interest and the associated rights and obligations in 15 licences that produce mainly oil.
The completed transaction with Vaaris is worth $800 million, $60 million less than the $860 million agreed with Chappal Energies. The sale brings TotalEnergies’ divestment process to a close with a different buyer.
source:nairametrics.com
African Energy Council