TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris to divest its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.

The Renaissance JV, formerly known as the Shell Petroleum Development Company (SPDC) JV, is an unincorporated partnership comprising:

• NNPCL – 55% stake
• Renaissance Africa Energy Company Ltd (operator) – 30%
• TotalEnergies EP Nigeria – 10%
• Agip Energy and Natural Resources Nigeria – 5%

The JV manages 18 oil and gas licences across the Niger Delta.

According to TotalEnergies, the divestment covers its entire 10% participating interest, including all rights and obligations, in 15 oil-producing licences, which contributed roughly 16,000 barrels of oil equivalent per day to the company’s 2025 production share.

Additionally, TotalEnergies’ 10% interest in three gas-producing licences — OML 23, OML 28, and OML 77 — will also be transferred to Vaaris. However, TotalEnergies will retain full economic interest in these gas assets, which supply about 50% of feed gas to Nigeria LNG.

The transaction is subject to customary conditions, including the receipt of all necessary regulatory approvals.