Business · Companies · 3 hrs ago
TotalEnergies completes $800 million sale of Nigeria joint venture stake
TotalEnergies has completed the sale of its 10% stake in the Renaissance joint venture in Nigeria.
The buyer, Vaaris, is a consortium of Nigerian oil and gas companies, and the deal was for $800 million.
The stake covers 18 licenses in the Niger Delta, including oil-producing fields that accounted for about 16,000 barrels of oil equivalent per day in TotalEnergies’ share in 2025.
The joint venture also includes Nigeria’s national oil company, Renaissance Africa, Eni and APEX.
TotalEnergies retains the economic interest in three gas licenses, which supply about half of Nigeria’s liquefied natural gas.
Regulatory approvals cleared the sale, completing a process that had involved other bidders before Vaaris secured the deal.
TotalEnergies’ Nigerian subsidiary has completed the sale of its 10% non-operated interest in the Renaissance joint venture to VAARIS for $800 million.
The sale followed regulatory approvals for the agreement signed in January 2026.
TotalEnergies retains full economic interest in three gas licenses that account for 50% of Nigeria LNG gas supply.
The 10% interest covered 18 licenses, including 15 producing mainly oil and three producing mainly gas.
Production from the 15 oil-focused licenses represented about 16,000 barrels of oil equivalent per day in TotalEnergies’ share in 2025.
- Who
- TotalEnergies EP Nigeria sold its interest to VAARIS Resources JV Co.
- What
- The company completed the sale of its 10% non-operated interest in the Renaissance joint venture for $800 million.
- When
- October 27, 2026.
- Where
- The licenses are in the onshore and shallow-water Niger Delta basin in Nigeria.
- Why
- Not stated
This story does not have two clearly opposing sides.
TotalEnergies and VAARIS signed the sale and purchase agreement.
TotalEnergies announced that its subsidiary had completed the divestment after regulatory approvals.
- Sale price
- $800 million
- Interest sold
- 10% non-operated interest
- Buyer
- VAARIS Resources JV Co.
- Licenses covered
- 18 Renaissance joint venture licenses
- Oil production
- About 16,000 barrels of oil equivalent per day in TotalEnergies’ share in 2025
- Gas supply
- Three retained gas licenses account for 50% of Nigeria LNG gas supply
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What people are saying
As announced on January 14th, 2026, TotalEnergies retains full economic interest in the three gas licenses of the Renaissance JV (OML 23, OML 28 and OML 77), which currently account for 50% of Nigeria LNG gas supply