TotalEnergies EP Nigeria to Divest 10% Stake in Renaissance JV Assets
TotalEnergies EP Nigeria, a subsidiary of France’s TotalEnergies SE, has entered into a Sale and Purchase Agreement with Vaaris for the divestment of its 10 percent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria, marking another step in the company’s ongoing portfolio rationalisation in the country.
The Renaissance JV formerly the Shell Petroleum Development Company of Nigeria (SPDC) JV is an unincorporated joint venture comprising Nigerian National Petroleum Company Limited (NNPC Ltd) with a 55 percent stake, Renaissance Africa Energy Company Limited as operator with 30 percent, TotalEnergies EP Nigeria with 10 percent, and Agip Energy and Natural Resources Nigeria holding the remaining 5 percent.
Under the agreement, TotalEnergies will transfer its 10 percent participating interest in 15 oil-producing licences to Vaaris. These assets contributed approximately 16,000 barrels of oil equivalent per day (boe/d) on a net basis to TotalEnergies in 2025, reflecting a meaningful but non-core component of its Nigerian upstream production profile.
The transaction also includes TotalEnergies’ 10 percent participating interest in three gas-producing licences OML 23, OML 28 and OML 77. Notably, while the participating interests in these gas assets will be transferred to Vaaris, TotalEnergies will retain full economic rights to the gas production.
These licences are strategically significant, supplying around 50 percent of the feed gas to Nigeria LNG (NLNG), thereby preserving TotalEnergies’ exposure to a critical and stable gas revenue stream.
From a financial markets perspective, the structure of the deal underscores TotalEnergies’ emphasis on capital discipline and value preservation. By monetising mature oil assets while retaining economic rights to high-value gas operations, the company balances cash realisation with continued participation in Nigeria’s gas value chain.
As reflected in its Q4 2025 performance, TotalEnergies has continued to generate substantial revenue and support topline growth, benefiting from resilient gas cash flows and firm global energy prices.
This strategic repositioning aligns with market expectations and underpins investor confidence, with the company’s shares trading around N640.00, broadly in line with prevailing market valuations and earnings outlook. #TotalEnergies EP Nigeria to Divest 10% Stake in Renaissance JV Assets#
