TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance Joint Venture licences in Nigeria.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent), and Agip Energy and Natural Resources Nigeria (5 per cent). The JV holds 18 licences in the Niger Delta.

In a statement by TotalEnergies on Wednesday, it stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest, as well as all its rights and obligations, in 15 licences of the Renaissance JV, which are mainly oil-producing.

Production from these licences, it said, represented approximately 16,000 barrels of oil equivalent per day in the company’s share in 2025.

The agreement also stated that TotalEnergies EP Nigeria will transfer to Vaaris its 10 per cent participating interest in the three other licences of the Renaissance JV, which are mainly gas-producing, namely OML 23, OML 28, and OML 77. However, TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.

The conclusion of the deal is subject to customary conditions, including regulatory approvals. “TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of the Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.

“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of the Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement read in part.