TotalEnergies sells 10% interest in Nigerian onshore assets
Agency Report
TotalEnergies has signed an agreement to sell its 10 per cent non-operated stake in the Nigerian onshore oil asset SPDC, renamed as Renaissance JV, to Vaaris.
This development is coming after a failed sale last year to Mauritius-based Chappal Energies.
The deal includes stakes in three other licences producing mainly gas for Nigeria LNG, in which Total will retain full economic interest.
Company registrations show Vaaris Resources JV CO Limited was incorporated in Nigeria on December 22, 2025. Total offered no further information on the new buyer.
Last year, Nigerian regulators blocked Total’s inital $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.
SPDC has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.
Last year Shell sold its 30 per cent stake in SPDC to a consortium of five mostly local companies for up to $2.4 billion.
The Nigerian National Petroleum Corporation (NNPC) holds 55 per cent of the joint venture, while Italy’s Eni has five per cent.
The deal is subject to approval by Nigerian regulators.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (five per cent), 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 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 per cent participating interest in the three other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77).
Meanwhile TotalEnergies said it will retain full economic interest in these licenses which currently account for 50 per cent of Nigeria LNG gas supply. The deal is noted to be subject to customary conditions, including regulatory approvals.
Last year, Nigerian regulators blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.
