BAKU, Azerbaijan, October 27. TotalEnergies has completed the sale of its 10% non-operated interest in the Renaissance joint venture (JV) licenses in Nigeria to Vaaris for $800 million, the French energy company said in a statement on October 27.
The transaction was carried out through TotalEnergies EP Nigeria (TEPNG), a subsidiary of TotalEnergies.
“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,” said the company.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture comprising Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%). The joint venture holds 18 licenses in the Niger Delta.
TotalEnergies EP Nigeria has sold its 10% participating interest, together with all associated rights and obligations, in 15 Renaissance JV licenses, which primarily produce oil, to Vaaris. Production from these licenses averaged approximately 16,000 barrels of oil equivalent per day in 2025, attributable to TotalEnergies' share.
TotalEnergies EP Nigeria has also transferred its 10% participating interest in the three other Renaissance JV licenses, which primarily produce gas (OML 23, OML 28 and OML 77), to Vaaris.
TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies' hydrocarbon production with 188,000 boe/d produced in 2025. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.
