Multinational energy company TotalEnergies announced the signing of an agreement to divest its 10% stake in Renaissance JV, a joint venture with operations in the Niger Delta, Nigeria. The transaction was agreed with Vaaris, which will assume the rights and obligations corresponding to this share.
The delivery of TotalEnergies’ shareholding
The Renaissance JV organization, formerly known as SPDC JV, brings together the Nigerian National Petroleum Corporation (55 %), Renaissance Africa Energy Company (30 %, operator), TotalEnergies EP Nigeria (10 %) and Agip Energy and Natural Resources Nigeria (5 %). Together, they control 18 exploration and production licenses, distributed in one of the most prolific hydrocarbon regions of the country.
According to the official statement, TotalEnergies will transfer to Vaaris its stake in 15 licenses focused on oil production. Of which generated approximately 16,000 barrels equivalent per day in 2025, as far as the French company’s share is concerned. In addition, Vaaris will receive the 10% stake in three more licenses(OML 23, OML 28 and OML 77) focused on natural gas, although TotalEnergies will retain the economic benefit on these assets, which provide half of the national LNG supply.
The decision to reduce its exposure to onshore assets is part of a broader adjustment in its African strategy. While maintaining relevant operations in Nigeria, the company has begun to prioritize offshore projects and assets with lower operational risk. The divestment seeks to optimize the use of capital and focus resources on more forward-looking energy sources.
TotalEnergies has more than six decades of activity in Nigeria. It also employs more than 1,800 people in the country and currently produces some 209,000 barrels of oil equivalent per day. In addition, it operates a network of around 540 service stations. The company reaffirms its commitment to local socioeconomic development and energy transition in the region.
The closing of the transaction will be subject to obtaining the relevant regulatory approvals. Once completed, Vaaris will be formally integrated into the structure of the joint venture and will manage the stake divested by TotalEnergies.
Source and photo: TotalEnergies