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Vaaris has entered into a sale and purchase agreement to acquire a 10 percent non-operated participating interest held by TotalEnergies EP Nigeria in the Renaissance Joint Venture licences in Nigeria.
The Renaissance Joint Venture, formerly operated under the SPDC structure, comprises Nigerian National Petroleum Company Limited with a 55 percent stake, Renaissance Africa Energy Company Limited as operator with 30 percent, TotalEnergies EP Nigeria with 10 percent, and Agip Energy and Natural Resources Nigeria holding the remaining 5 percent. The JV controls a portfolio of 18 oil and gas licences across the Niger Delta.
Under the transaction, Vaaris will take over the 10 percent interest in 15 oil-producing licences. These assets contributed an estimated 16,000 barrels of oil equivalent per day on a net basis to TotalEnergies in 2025, underscoring the materiality of the divested stake within the JV’s production mix.
The agreement also covers three gas-producing licences—OML 23, OML 28 and OML 77. While the participating interests will be transferred to Vaaris, TotalEnergies will retain the economic benefits associated with the gas output from these assets, which supply a significant share of feedstock to Nigeria LNG Limited.
Completion of the transaction is subject to customary closing conditions, including the receipt of all required regulatory approvals.
TotalEnergies has maintained a long-standing presence in Nigeria for more than six decades and continues to operate extensive downstream and marketing businesses in the country.
In 2024, Nigeria accounted for about 209,000 barrels of oil equivalent per day of the group’s global hydrocarbon production. The company has reiterated its long-term commitment to Nigeria, supported by a nationwide retail network of roughly 540 service stations.
For Vaaris, the acquisition represents a strategic entry into a producing JV portfolio in the Niger Delta, while for TotalEnergies it reflects an ongoing optimisation of its upstream exposure, balancing selective divestments with continued participation in Nigeria’s gas value chain.
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