TotalEnergies has agreed to sell its 10 percent non-operated stake in the Renaissance joint venture to Vaaris, a Nigerian special purpose vehicle, marking a new step in the company’s gradual exit from onshore oil assets in Nigeria.
Gatekeepers News reports that the French energy firm said the deal was signed through its subsidiary, TotalEnergies EP Nigeria, following the collapse of an earlier transaction with Chappal Energies. Corporate filings show that Vaaris Resources JV Co. Limited was incorporated in Nigeria on December 22, 2025.
The company disclosed that the Renaissance joint venture, formerly known as the Shell Petroleum Development Company joint venture, operates as an unincorporated partnership involving Nigerian National Petroleum Company Ltd with 55 percent interest, Renaissance Africa Energy Company with 30 percent, TotalEnergies EP Nigeria with 10 percent, and Agip Energy and Natural Resources Nigeria with 5 percent.
TotalEnergies noted that its subsidiary TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria.
According to TotalEnergies, the transaction covers its rights and obligations in 15 oil-producing licences under the joint venture, which contributed about 16,000 barrels of oil equivalent per day to the company’s share in 2025.
The firm added that its 10 percent interest in three gas-focused licences will also be transferred. At the same time, it will retain its full economic interest in gas supply arrangements linked to Nigeria LNG.
The move aligns with a wider trend of international oil companies selling mature onshore assets to local firms, as Nigeria pushes for increased indigenous participation in the upstream sector. The deal is still subject to regulatory approvals and other standard closing conditions.
The sale follows a failed agreement reached in July 2024, when Mauritius-based Chappal Energies agreed to buy the same stake for $860 million. That transaction collapsed after Nigerian Upstream Petroleum Regulatory Commission (NUPRC) later withdrew its approval.
