TotalEnergies SE has completed the $800 million sale of its 10% stake in the oil licences of Nigeria’s Renaissance joint venture to Vaaris, a newly formed Nigerian consortium.
The French company keeps the gas earnings that supply half of Nigeria LNG’s feedstock. The deal adds to oil majors’ retreat from Nigeria’s onshore fields.
TotalEnergies EP Nigeria transferred its participating interest, with the related rights and obligations, in 18 licences of the venture, formerly known as the SPDC joint venture, the company said in a statement on Oct. 27.
Fifteen are mainly oil-producing and gave TotalEnergies about 16,000 barrels of oil equivalent a day in 2025.
TotalEnergies retains “full economic interest” in the three gas licences, OML 23, 28 and 77, which “currently account for 50% of Nigeria LNG gas supply.” The price works out to about $50,000 per daily barrel of production, on MoneyCentral calculations.
Vaaris is the second buyer for the stake. In July 2024, TotalEnergies agreed to sell it to Chappal Energies for $860 million. The regulator withdrew its approval in September 2025 after the parties failed to meet the required financial commitments.
Former Seplat Energy Chief Executive Austin Avuru has said he assembled a group of investors to pursue the assets, and oil services businessman Tein George is also linked to the consortium.
On Oct. 14, Shell also agreed to sell its Nigerian gas distribution business, Shell Nigeria Gas, to a Vaaris group chaired by George.
The joint venture now has no international oil company among its partners. On Oct. 26, Eni completed the sale of its 5% unit, Agip Energy and Natural Resources, to Sterling Oil’s Apex Global Energy.
Shell sold its 30% operating stake to Renaissance Africa Energy in 2025. State-owned NNPC Ltd. keeps 55%.
For TotalEnergies, the sale offloads mature Niger Delta oil fields, which are exposed to theft and pipeline sabotage, while keeping the gas supply to Nigeria LNG.
For Nigeria, the test is whether local owners can raise output from ageing fields. Renaissance says it increased production 40% within four months of taking over from Shell, Majorwaves Energy Report said.
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