TotalEnergies signs SPA with Vaaris, divests stake in Renaissance JV
In a renewed push to secure Nigeria’s critical oil assets and boost crude oil production, the Nigerian Navy has launched Operation Delta Sentinel, a major maritime security initiative aimed at strengthening surveillance and curbing crude oil theft across the Niger Delta.
 
The operation, which replaces Operation Delta Sanity II, was unveiled at the Nigerian Navy Ship (NNS) Pathfinder Jetty in Port Harcourt, Rivers State.
 
It forms part of the Federal Government’s broader strategy to increase oil exploration and production, with an ambitious target of 2.5 million barrels per day (bpd) by 2027.
 
Speaking at the launch ceremony, the Commander Task Group 26.1, Operation Delta Sentinel, Rear Admiral Sulieman Ibrahim, said the new operation would run for an initial period of one year, subject to a 90-day renewable review.
 
He described the initiative as a significant milestone in the Nigerian Navy’s ongoing efforts to protect the nation’s strategic economic assets, stimulate economic growth, and ensure peace and stability in the Niger Delta.
 
Rear Admiral Ibrahim, who also serves as the Flag Officer Commanding (FOC), Central Naval Command, stressed that the Navy remains resolute in denying criminal elements freedom of action within Nigeria’s maritime environment.

Meanwhile, 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 Company Ltd (NNPCL) 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 the company’s 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.