TotalEnergies has agreed to sell its 10 per cent non operated stake in Nigeria’s Renaissance Joint Venture, formerly the Shell Petroleum Development Company Joint Venture, to local energy firm Vaaris in a deal valued at $800 million. The move marks another key step in the company’s ongoing reshaping of its Nigerian portfolio and wider upstream strategy.
The transaction, which is still subject to regulatory approvals and customary closing conditions, will see TotalEnergies divest interests across 18 onshore and shallow water licences located in the Niger Delta. The Renaissance Joint Venture is currently held by with 55 per cent, Renaissance Africa Energy Company Ltd with 30 per cent as operator, EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria with five per cent.
Under the agreement, TotalEnergies will transfer its 10 per cent interest in 15 oil producing licences and three gas producing licences to . However, the company will retain full economic interest in the gas licences, a structure designed to protect its long term commitment to Nigeria LNG. The gas assets currently provide about 50 per cent of the feedstock supplied to , making them central to the country’s gas export and domestic supply plans.
The structure of the deal reflects TotalEnergies’ strategic shift in Nigeria, with a clear reduction in exposure to non operated onshore oil assets while strengthening its position across the gas value chain. Gas remains a core focus as Nigeria seeks to expand cleaner energy options and as the company aligns its local operations with its global low carbon strategy.
The divestment follows several major portfolio moves completed by TotalEnergies in 2025. These include its entry into the PPL2000 and PPL2001 offshore exploration blocks in August, an increase in its stake in OPL257, and the sale of its non operated interest in OML118, both finalised in November. Together, the transactions point to a shift toward operated, growth focused offshore and gas led assets.
Despite exiting the Renaissance Joint Venture, TotalEnergies says it remains committed to Nigeria’s upstream and gas development. That position was reinforced by the final investment decision taken in 2024 on the Ubeta gas project in OML58, aimed at boosting domestic gas supply and supporting LNG exports.
