By Obiabin Onukwugha
TotalEnergies has completed the sale of its 10% non-operated interest in Nigerian Renaissance JV licenses to indegenous oil and gas company, Vaaris Resources JVCo Limited for $800 million, thereby moving away from Nigeria’s shallow waters.
The Company was quoted as saying that the sale was made by TotalEnergies EP Nigeria (TEPNG) on Tuesday, October 27, nine months after it announced the deal on Jan. 14.
Under the structure set out in January, TotalEnergies retains its full economic interest in OML 23, OML 28 and OML 77, the three Renaissance JV gas licenses. Those licenses currently supply about half of the feed gas for Nigeria LNG, so the company stays exposed to the export project while exiting the venture’s onshore oil assets.
The completion follows Eni’s sale of its Nigerian subsidiary Agip Energy and Natural Resources, which held a 5% stake in the same joint venture, to Sterling-owned Apex, which Eni announced as completed on Oct. 26.
With both deals done, the international partners left in the former SPDC venture have now handed their onshore oil positions to Nigerian-owned operators.
It would be recalled that Shell sold its operating stake to the Renaissance consortium in 2025. TotalEnergies has operated in Nigeria for more than 60 years.
