TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of US$ 800 million.
TotalEnergies has, on January 14th, 2026, announced the signing of a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between 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%), which holds 18 licenses in the Niger Delta.
Under the agreement signed with Vaaris:
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 retains full economic interest in the three Renaissance JV gas licenses (OML 23, OML 28, and OML 77), which currently account for 50% of Nigeria LNG gas supply.
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.
