TotalEnergies has officially finalized the divestment of its 10% non-operated interest in the Renaissance Joint Venture (JV)—formerly known as the Shell Petroleum Development Company (SPDC) JV—to Vaaris for an aggregate cash consideration of US$800 million.

Daily Trust reports that the transaction marks a major milestone in the ongoing restructuring of onshore oil assets in the Niger Delta as TotalEnergies strategically retained full economic interest in the joint venture’s vital gas assets.

Under the terms of the finalized agreement, TotalEnergies EP Nigeria (TEPNG) transferred its 10% participating interest across 15 primarily oil-producing licenses within the Renaissance JV framework.

These divested fields accounted for approximately 16,000 barrels of oil equivalent per day (boe/d) of attributable production in 2025.

However, the French energy major has carved out a crucial exception for gas production.

TotalEnergies retains its full economic interest in the three key gas-producing licenses of the Renaissance JV—OML 23, OML 28, and OML 77.

These fields remain central to the domestic and export energy landscape, accounting for 50% of the gas supply to Nigeria LNG (NLNG).

The successful closure with Vaaris follows a heavily scrutinized period for international oil companies (IOCs) divesting onshore and shallow-water assets in Nigeria.

The transaction marks a notable rebound from earlier divestment efforts. In 2024, TotalEnergies had initially attempted to sell its SPDC JV stake to Chappal Energies for roughly $860 million.

However, that deal faced regulatory headwinds and was ultimately rejected by Nigerian authorities. (Daily Trust)