Lifestyle & Wellness DeskTotalEnergies Divests 10% Stake in Renaissance Joint Venture
TotalEnergies EP Nigeria has entered into a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated partnership comprising Nigerian National Petroleum Company Limited (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%). The JV holds 18 licences across the Niger Delta.
Under the agreement, TotalEnergies will transfer its 10 per cent participating interest, along with all associated rights and obligations, in 15 primarily oil-producing licences. These licences accounted for roughly 16,000 barrels of oil equivalent per day in TotalEnergies’ share in 2025.
The company will also assign its 10 per cent participating interest in three gas-focused licences—OML 23, OML 28, and OML 77—to Vaaris, while retaining full economic interest. These gas assets currently supply 50 per cent of Nigeria LNG’s gas output.
The transaction is subject to customary conditions, including regulatory approvals, before it is finalized.
