TOTALENERGIES SELLS NIGERIA ASSET STAKE FOR $800M, FOCUSING ON OPERATED ASSETS
GREATRIBUNETVBEWS–TotalEnergies has signed an agreement to sell its 10% non-operated interest in the Renaissance Joint Venture (JV) in Nigeria to Vaaris for $800 million. Here are the key details:
– Sale Agreement : “TotalEnergies announces the signing of an agreement with Vaaris for the sale of its 10% non-operated interest in the Renaissance Joint Venture (formerly SPDC JV) in Nigeria, for a total consideration of USD 800 million.” – TotalEnergies Statement
– Renaissance JV Assets : The JV holds 18 licenses in the Niger Delta region, including 15 oil-producing licenses and 3 gas-producing licenses.
– Gas License Retention : “TotalEnergies will retain full economic interest in the gas licenses, ensuring continued support for Nigeria LNG, which currently sources 50% of its gas supply from these assets.” – TotalEnergies Statement
– Portfolio Reshuffle : TotalEnergies continues to reshuffle its portfolio in Nigeria, focusing on operated assets, following key milestones achieved in 2025.
– Regulatory Approvals : The transaction is subject to customary closing conditions and regulatory approvals .
TotalEnergies is committed to support the country strategy to grow production in Nigeria: onshore along the gas value chain as demonstrated by the FID of Ubeta gas project in 2024 on OML58 and offshore oil and gas.
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