Nigeria: TotalEnergies Signs a Sale and Purchase Agreement in view of Divesting its Oil Interest in Renaissance JV (formerly SPDC)

TotalEnergies has announced that its subsidiary, TotalEnergies EP Nigeria, has entered into a Sale and Purchase Agreement (SPA) with Vaaris for the divestment of its 10% non-operated stake in the Renaissance Joint Venture (JV) licenses in Nigeria.

The Renaissance JV, previously known as the SPDC JV, is an unincorporated joint venture comprising Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%). The JV holds interests in 18 licenses located in the Niger Delta.

Under the terms of the agreement, TotalEnergies EP Nigeria will transfer to Vaaris its 10% participating interest, along with all associated rights and obligations, in 15 oil-producing licenses within the Renaissance JV. These assets represented approximately 16,000 barrels of oil equivalent per day in Company share production in 2025.

In addition, TotalEnergies EP Nigeria will transfer its 10% participating interest in the remaining three licenses—OML 23, OML 28, and OML 77—which are primarily gas-producing. However, TotalEnergies will retain full economic interest in these gas assets, which currently contribute around 50% of Nigeria LNG’s gas supply.

Completion of the transaction remains subject to customary closing conditions, including regulatory approvals.