By Stephanie Daniels
Energy Window International (Media) – TotalEnergies said that its subsidiary TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an “unincorporated” joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta, TotalEnergies told Energy Window International (Media) in an email.
TotalEnergies EP Nigeria said that it would, based on the terms of agreement, sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV which are producing mainly oil according to the French major. It added that production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025.
It said it would also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which according to the French oil firm are producing mainly gas (OML 23, OML 28 and OML 77) while retaining “full economic interest” in these licenses which currently account for 50% of Nigeria LNG gas supply.
However and according to TotalEnergies, closing this deal is still subject to customary conditions, including regulatory approvals.
TotalEnergies says it has been in Nigeria for more than 60 years and currently employing more than 1,800 people across different business segments.