TotalEnergies has reached an agreement to sell its 10% interest in the Shell Petroleum Development Company (SPDC) Joint Venture to a new indigenous player, Vaaris.
The deal includes stakes in three other licences producing mainly gas for Nigeria LNG, in which Total will retain full economic interest. It offered no further information about the new buyer.
While Renaissance Africa Energy (a consortium including Aradel and Waltersmith) made headlines in 2024 for acquiring Shell’s stake, Vaaris has emerged as the specific buyer for Total’s minority share.
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The Entity: Vaaris is an indigenous energy vehicle reportedly backed by a consortium of Nigerian private equity and veteran oil executives.
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Asset Portfolio: The deal includes Total’s 10% stake in the SPDC JV, which covers 18 mining leases (OMLs) focused primarily on onshore and shallow-water oil and gas production.
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The Deal Value: While official figures have not been disclosed, analysts estimate the transaction to be valued between $500 million and $800 million, depending on the valuation of the gas infrastructure included in the package.
Last year, Nigerian regulators blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature assets.
Last year Shell sold its 30% stake in SPDC to a consortium of five mostly local companies for up to $2.4 billion.
The Nigerian National Petroleum Corporation (NNPC) holds 55% of the joint venture, while Italy’s Eni has 5%.
The deal is subject to approval by Nigerian regulators.
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