TotalEnergies EP Nigeria to divest its entire 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.
The parent company, TotalEnergies, disclosed this in a statement on Wednesday, December 14, revealing that the company has entered into a Sale and Purchase Agreement (SPA) with Vaaris for the divestment.
According to TotalEnergies, the completion of the transaction remains subject to customary closing conditions, including the receipt of relevant regulatory approvals.
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“TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licenses 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,” the company stated.
Pinnacle Daily reports that the Renaissance JV, formerly known as the Shell Petroleum Development Company of Nigeria (SPDC) JV, is an unincorporated joint venture.
It comprises the Nigerian National Petroleum Corporation (NNPC) Limited with a 55 per cent stake, Renaissance Africa Energy Company Ltd with 30 per cent, TotalEnergies EP Nigeria with 10 per cent, and Agip Energy and Natural Resources Nigeria with 5 per cent.
The JV holds a total of 18 licences located in the Niger Delta.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
