TotalEnergies completes $800m sale of 10% stake in Nigeria’s Renaissance licences

TotalEnergies finalises $800m sale of Renaissance licences

On 27 October 2026, TotalEnergies announced that its subsidiary, TotalEnergies EP Nigeria (TEPNG), had transferred its 10% non‑operated interest in 15 oil licences held by the Renaissance joint venture to the investment firm Vaaris. The transaction was completed for a total cash consideration of US$800 million. The divested assets generated roughly 16,000 barrels of oil equivalent daily in 2025. TotalEnergies retained full economic interest in the three gas‑producing licences – OML 23, OML 28 and OML 77 – which together supply about 50 % of the gas used by Nigeria LNG (NLNG). The deal follows a period of scrutiny over the divestment of onshore and shallow‑water assets by international oil companies (IOCs) in Nigeria. Earlier in 2024, TotalEnergies had attempted to sell its stake to Chappal Energies for roughly US$860 million, but the proposal was rejected by Nigerian authorities.

Background

Renamed from the Shell Petroleum Development Company (SPDC) partnership, the Renaissance consortium currently manages 15 concessions within the Niger Delta region. TotalEnergies’ 10% non‑operated interest had been part of the company’s portfolio since the SPDC era. TotalEnergies disclosed in January 2026 that it had reached a deal with Vaaris to hand over its stake, along with corresponding duties, in the aforementioned permits. The agreement was later finalised on 27 October 2026. The transaction represents a significant milestone in the restructuring of onshore oil assets in the Niger Delta. By divesting its oil interests while retaining the gas licences, TotalEnergies aims to focus on assets that are more strategically important to Nigeria’s domestic and export energy supply.

Why it matters

The sale is worth US$800 million, a figure that is US$60 million lower than the earlier agreed price of US$860 million with Chappal Energies. The divestment reduces TotalEnergies’ exposure to onshore oil production in the Niger Delta, while the company maintains full economic control over the gas fields that supply half of the gas to NLNG. This arrangement is likely to impact the supply chain for Nigeria’s LNG exports and could influence the company’s future investment strategy in the region. This deal aligns with strong fiscal results for TotalEnergies Marketing Nigeria Plc, which recorded an N8.02 billion pre-tax gain during the initial three quarters of 2026, contrasting with an N11.92 billion pre-tax deficit over the equivalent timeframe in 2025. Notwithstanding the enhanced earnings, the firm’s shares dropped by 10 percent between September 24 and the issuance of the market update.

What happens next

The completion of the sale marks the end of the divestment process that began in January 2026. No further steps or dates were announced in the sources. The transaction is now fully executed, with Vaaris holding the 10% interest in the 15 oil licences and TotalEnergies retaining full economic interest in the three key gas licences.