TotalEnergies has announced that its subsidiary, TotalEnergies EP Nigeria, has signed an agreement with Vaaris, a Nigerian special purpose vehicle (SPV), for the sale of its 10 per cent non-operated interest in the Renaissance joint venture (JV) licences.
The French oil major announced the development in a statement on Wednesday.
Vaaris Resources JV Co. Limited was incorporated in Nigeria on December 22, 2025.
According to the statement, the Renaissance JV, formerly known as the Shell Petroleum Development Company (SPDC) JV, is an unincorporated joint venture between Nigerian National Petroleum Company Ltd (55 percent), Renaissance Africa Energy Company Ltd (30 percent), TotalEnergies EP Nigeria (10 percent), and Agip Energy and Natural Resources Nigeria (5 percent).
“TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria,” it said.
The oil firm said the agreement includes all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
“Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses which currently account for 50% of Nigeria LNG gas supply,” TotalEnergies said.
“Closing is subject to customary conditions, including regulatory approvals,” it added.
The development comes after a failed sale agreement between TotalEnergies and Mauritius-based Chappal Energies.
In July, 2024, Chappal Energies agreed to purchase TotalEnergies EP Nigeria Limited’s stake in SPDC JV for $860 million — but the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew approval a year later.
