TotalEnergies Exits Nigeria’s Renaissance Joint Venture with 10% Stake Sale
TotalEnergies has signed a sale and purchase agreement to divest its 10% non-operated oil interest in Nigeria’s Renaissance joint venture, marking another significant step in the French energy giant’s ongoing portfolio rationalization in the country. The deal, announced on January 14, will see TotalEnergies EP Nigeria transfer its participating interest in 15 oil-producing licenses within the Renaissance JV to Vaaris, along with all associated rights and obligations.
Production from the licenses being sold represented approximately 16,000 barrels of oil equivalent per day net to TotalEnergies in 2025. The company will also transfer its 10% participating interest in three gas-producing licenses, OML 23, OML 28 and OML 77, while retaining its full economic interest in those assets. These gas licenses currently account for roughly half of Nigeria LNG’s gas supply, underscoring their strategic importance to the country’s liquefied natural gas operations.
The Renaissance joint venture, formerly known as the Shell Petroleum Development Company JV, is an unincorporated partnership comprising Nigerian National Petroleum Corporation Ltd with 55%, Renaissance Africa Energy Company as operator with 30%, TotalEnergies EP Nigeria with 10%, and Agip Energy and Natural Resources Nigeria holding 5%. Together, they control 18 licenses in the prolific Niger Delta region.
Completion of the transaction remains subject to customary conditions, including regulatory approvals from Nigerian authorities. The divestment continues TotalEnergies’ strategic repositioning in Nigeria as the company reshapes its African portfolio.
Source: worldoil.com
