TotalEnergies has announced that its subsidiary, TotalEnergies EP Nigeria, has signed a Sale and Purchase Agreement (SPA) with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria, marking another step in the ongoing restructuring of international oil companies’ portfolios in the country.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture involving the Nigerian National Petroleum Corporation Ltd with 55 per cent interest, Renaissance Africa Energy Company Ltd 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 JV holds 18 licences located in the Niger Delta.

Under the agreement, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest, along with all associated rights and obligations, in 15 of the Renaissance JV licences, which are predominantly oil-producing.

Production from these assets represented about 16,000 barrels of oil equivalent per day in company share in 2025.

The transaction also covers the transfer of TotalEnergies EP Nigeria’s 10 per cent participating interest in three gas-focused licences, OML 23, OML 28 and OML 77. However, TotalEnergies will retain full economic interest in these gas licences, which currently account for around 50 per cent of Nigeria LNG’s gas supply.

Completion of the deal is subject to customary conditions, including regulatory approvals.