TotalEnergies sells 10% stake in Renaissance JV

TotalEnergies EP Nigeria has signed a Sale and Buy Settlement with Vaaris for the sale of its 10 per cent non-operated curiosity within the Renaissance Joint Enterprise licences in Nigeria.

The Renaissance JV, previously often known as the SPDC JV, is an unincorporated three way partnership between Nigerian Nationwide Petroleum Firm Restricted (55 per cent), Renaissance Africa Power Firm Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent), and Agip Power and Pure Assets Nigeria (5 per cent). The JV holds 18 licences within the Niger Delta.

In an announcement by TotalEnergies on Wednesday, it acknowledged that beneath the settlement signed with Vaaris, TotalEnergies EP Nigeria will promote its 10 per cent taking part curiosity, in addition to all its rights and obligations, in 15 licences of the Renaissance JV, that are primarily oil-producing.

Manufacturing from these licences, it mentioned, represented roughly 16,000 barrels of oil equal per day within the firm’s share in 2025.

The settlement additionally acknowledged that TotalEnergies EP Nigeria will switch to Vaaris its 10 per cent taking part curiosity within the three different licences of the Renaissance JV, that are primarily gas-producing, particularly OML 23, OML 28, and OML 77. Nevertheless, TotalEnergies will retain full financial curiosity in these licences, which presently account for 50 per cent of Nigeria LNG gasoline provide.

The conclusion of the deal is topic to customary circumstances, together with regulatory approvals. “TotalEnergies EP Nigeria has signed a Sale and Buy Settlement with Vaaris for the sale of its 10 per cent non-operated curiosity within the Renaissance JV licences in Nigeria.

“Below the settlement signed with Vaaris, TotalEnergies EP Nigeria will promote to Vaaris its 10 per cent taking part curiosity and all its rights and obligations in 15 licences of the Renaissance JV, that are producing primarily oil. Manufacturing from these licences represented roughly 16,000 barrels equal per day within the firm’s share in 2025.

“TotalEnergies EP Nigeria may even switch to Vaaris its 10 per cent taking part curiosity within the three different licences of the Renaissance JV, that are producing primarily gasoline (OML 23, OML 28 and OML 77), whereas TotalEnergies will retain full financial curiosity in these licences, which presently account for 50 per cent of Nigeria LNG gasoline provide. Closing is topic to customary circumstances, together with regulatory approvals,” the assertion learn partly.