In the ongoing wave of divestment in the Nigerian oil and gas onshore, TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV (formerly SPDC) 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 sell to Vaaris its 10% participating interest and all its rights and obligations in 15 Renaissance JV licenses, which are primarily oil-producing. Production from these licenses represented approximately 16,000 barrels equivalent per day in the Company’s share in 2025.
In the transaction, TotalEnergies EP Nigeria is expected to transfer its 10% participating interest in the 3 other licenses of Renaissance JV, which produce mainly gas (OML 23, OML 28, and OML 77), to Vaaris. In comparison. TotalEnergies will retain full economic interest in these licenses, which currently account for 50% of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals.
