TotalEnergies has agreed to sell its 10% non‑operated interest in the SPDC Renaissance Joint Venture, a key onshore oil asset in the Niger Delta, to Vaaris Resources JV Co. Limited for an estimated $800 million. The transaction, which is subject to customary regulatory approvals, will see TotalEnergies divest a modest but strategically significant share that contributed about 16,000 barrels of oil equivalent per day to the company’s 2025 production.
The sale follows a failed attempt in 2025 to transfer the stake to Chappal Energies, a deal that was blocked by Nigerian regulators over financing concerns. Vaaris, incorporated in Nigeria on December 22 2025, is a consortium of three marginal field operators and three oilfield service companies, and its financial and technical credentials have been vetted to satisfy the regulatory scrutiny that previously halted the Chappal Energies transaction.
By shedding the non‑operated stake, TotalEnergies can streamline its upstream portfolio and reallocate capital toward higher‑margin projects, particularly in gas and deep‑water offshore operations. The company will retain its full economic interest in the three gas‑producing licenses—OML 23, OML 28 and OML 77—that supply feed gas to Nigeria LNG, underscoring its continued commitment to the country’s gas sector.
The transaction reflects a broader trend among international oil companies to reduce exposure to mature, onshore Nigerian assets amid security, environmental and operational challenges. It also positions TotalEnergies to focus on integrated gas value chains and to pursue growth opportunities in LNG and power generation, aligning with its long‑term strategy of low‑cost, low‑emission assets.
The deal is expected to close after regulatory approvals, and it marks a significant step in TotalEnergies’ portfolio optimization plan, which has already seen the company divest non‑core assets in other regions.
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