- Sale of oil-producing licenses to Vaaris to optimise TotalEnergies’ operational portfolio.
- Retention of economic rights in key gas-producing licenses, ensuring continued LNG supply to Nigeria.
TotalEnergies Nigeria divestment marks a significant shift in the company’s Nigerian operations. On January 14, 2026, TotalEnergies announced that its subsidiary, TotalEnergies EP Nigeria, signed a Sale and Purchase Agreement (SPA) with Vaaris. The agreement covers the sale of its 10% non-operated interest in the Renaissance Joint Venture (JV), formerly the SPDC JV. Consequently, the transaction reflects TotalEnergies’ strategy to optimise its asset portfolio while maintaining critical gas interests.
The Renaissance JV is an unincorporated partnership comprising the 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 JV holds 18 licenses across the Niger Delta, covering both oil and gas production.
Under the SPA, TotalEnergies EP Nigeria will transfer its 10% participating interest and all associated rights and obligations in 15 licenses producing mainly oil. These licenses generated approximately 16,000 barrels of oil equivalent per day in 2025. Additionally, the company will transfer its 10% interest in three other licenses (OML 23, OML 28, and OML 77), which primarily produce gas. However, TotalEnergies will retain full economic interest in these licenses, which currently account for 50% of Nigeria LNG gas supply.
This divestment aligns with TotalEnergies’ global strategy to streamline operations and focus on core assets. Furthermore, it provides Vaaris with an opportunity to expand its portfolio in the Nigerian upstream oil sector. The move also reassures stakeholders that TotalEnergies remains committed to supporting Nigeria’s gas infrastructure and energy security.
In conclusion, the TotalEnergies Nigeria divestment demonstrates a strategic balance between asset realignment and the maintenance of critical energy infrastructure. By doing so, TotalEnergies strengthens its focus on value creation while supporting Nigeria’s energy supply