TotalEnergies subsidiary TotalEnergies EP Nigeria has agreed to divest its share in the Renaissance joint venture licenses onshore Nigeria to Vaaris Resources.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corp. Ltd. (55%), Renaissance Africa Energy Co. Ltd. (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta.
The company will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 Renaissance JV licenses, which are producing mainly oil. Production from these licenses represented about 16,000 boe/d in TotalEnergies' share in 2025.
TotalEnergies also wil transfer its 10% participating interest in the three other Renaissance JV licenses which are producing mainly gas (OML 23, OML 28, and OML 77). TotalEnergies will retain full economic interest in these licenses, which currently account for 50% of Nigeria LNG gas supply.
The deal follows TotalEnergies' 2024 attempt to divest the asset to Chappal Energies for $860 million. Regulators rejected the deal last year.
Closing of the deal with Vaaris is subject to customary conditions, including regulatory approvals.
About the Author
Alex Procyk
Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).