(WO) – TotalEnergies has completed the sale of its 10% non-operated interest in the Renaissance joint venture licenses onshore and in the shallow waters of Nigeria, formerly the Shell-operated SPDC joint venture, to Vaaris for $800 million, while keeping its full economic interest in the venture’s three main gas licenses.
The sale was made by TotalEnergies EP Nigeria (TEPNG). The French company said on Oct. 27 that the transaction has closed, nine months after it announced the deal on Jan. 14.
Under the structure set out in January, TotalEnergies retains its full economic interest in OML 23, OML 28 and OML 77, the three Renaissance JV gas licenses. Those licenses currently supply about half of the feed gas for Nigeria LNG, so the company stays exposed to the export project while exiting the venture’s onshore oil assets.
The completion follows Eni’s sale of its Nigerian subsidiary Agip Energy and Natural Resources, which held a 5% stake in the same joint venture, to Sterling-owned Apex, which Eni announced as completed on Oct. 26. With both deals done, the international partners left in the former SPDC venture have now handed their onshore oil positions to Nigerian-owned operators. Shell sold its operating stake to the Renaissance consortium in 2025.
Nigeria remains one of the main contributors to TotalEnergies’ oil and gas output, at 188,000 boed of production in 2025. The company has been in the country for more than 60 years and employs over 1,800 people there. It also operates a large offshore portfolio, which is not affected by this sale.
