TotalEnergies has reached an agreement with Vaaris to divest its 10 per cent non-operated interest in the Renaissance Joint Venture, formerly known as the Shell Petroleum Development Company Joint Venture, in Nigeria.
The company disclosed that the transaction, valued at $800 million, is subject to regulatory approvals and other customary closing conditions.
The Renaissance JV is made up of NNPC Limited, which holds 55 per cent, Renaissance Africa Energy Company Limited with 30 per cent and operatorship, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria with five per cent. The venture controls 18 oil and gas licences across the Niger Delta.
Under the terms of the sale, TotalEnergies will transfer its equity in 15 oil-producing licences and three gas-producing licences to Vaaris. However, the French energy major will retain its full economic interest in the gas assets to ensure uninterrupted support for Nigeria LNG, which currently receives about half of its feed gas from the affected fields.
The divestment forms part of TotalEnergies’ ongoing portfolio realignment in Nigeria following a series of strategic moves in 2025, which saw the company expand its focus on operated and higher-value assets. These steps included its entry into PPL offshore exploration in August 2025, an increased stake in OPL 257, and the disposal of its non-operated interest in OML 118 in November 2025.
The company said the latest transaction aligns with its broader commitment to Nigeria’s production growth strategy, particularly in strengthening the domestic gas value chain and offshore oil and gas development.
It cited the 2024 final investment decision on the Ubeta gas project in OML 58 as evidence of its continued long-term involvement in the country’s energy sector.
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