TotalEnergies has signed a new Sale and Purchase Agreement to divest its 10 per cent non-operated stake in the Renaissance Joint Venture, formerly the Shell Petroleum Development Company (SPDC) JV, to Nigerian firm Vaaris.
The deal follows the collapse of an earlier $860 million transaction with Chappal Energies, which was blocked by regulators over funding concerns. According to TotalEnergies, the agreement covers 15 oil-producing licences in the Niger Delta, delivering about 16,000 barrels of oil equivalent per day in 2025.
The French energy major will also transfer its 10 per cent interest in three gas-producing licences to Vaaris, while retaining full economic interest tied to Nigeria LNG supply. Regulatory approvals are still required before completion.
TotalEnergies, which has operated in Nigeria for over six decades, said the divestment aligns with its portfolio restructuring strategy while maintaining focus on key gas assets and community development.
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