TotalEnergies has signed a Sale and Buy Settlement to divest its 10% non-operated stake within the Renaissance three way partnership in Nigeria, marking one other step within the firm’s long-running portfolio rationalization in Africa.
Beneath the settlement, TotalEnergies EP Nigeria will switch its 10% collaborating curiosity in 15 oil-producing licenses to Vaaris, together with the related rights and obligations. These property delivered round 16,000 barrels of oil equal per day on a internet foundation to TotalEnergies in 2025, in line with the corporate.
The transaction additionally contains the switch of TotalEnergies’ 10% collaborating curiosity in three gas-producing licenses – OML 23, OML 28, and OML 77 – though TotalEnergies will retain full financial publicity to those fuel property. The three licenses are strategically important, as they presently account for roughly half of the fuel provide feeding Nigeria LNG, one of many nation’s most essential export initiatives.
The Renaissance JV, beforehand often known as the Shell Petroleum Improvement Firm (SPDC) three way partnership, operates throughout 18 licenses within the Niger Delta. The unincorporated enterprise is owned by Nigerian Nationwide Petroleum Company Ltd (55%), Renaissance Africa Vitality Firm Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Vitality and Pure Sources Nigeria (5%).
Completion of the deal is topic to customary closing circumstances, together with regulatory and governmental approvals.
The sale aligns with TotalEnergies’ broader technique of high-grading its upstream portfolio, notably in mature onshore and shallow-water property in Nigeria’s Niger Delta. Worldwide oil firms have more and more diminished publicity to those areas over the previous decade, citing operational danger, neighborhood disruptions, environmental liabilities, and regulatory uncertainty.
A number of majors—together with Shell, ExxonMobil, and Eni—have pursued related divestments, transferring onshore Nigerian property to native or regionally centered operators. The emergence of Renaissance Africa Vitality as operator of the previous SPDC JV is itself a product of this development, reflecting a shift towards larger home participation in Nigeria’s upstream sector.
For TotalEnergies, the transaction doesn’t signify an exit from Nigeria. The corporate stays closely invested in offshore oil initiatives and in fuel, notably via Nigeria LNG. In 2024, Nigeria contributed roughly 209,000 barrels of oil equal per day to TotalEnergies’ world manufacturing, making it one of many group’s most essential hydrocarbon-producing international locations.