(WO) – TotalEnergies has accomplished the sale of its 10% non-operated curiosity within the Renaissance three way partnership licenses onshore and within the shallow waters of Nigeria, previously the Shell-operated SPDC three way partnership, to Vaaris for $800 million, whereas maintaining its full financial curiosity within the enterprise’s three major fuel licenses.
The sale was made by TotalEnergies EP Nigeria (TEPNG). The French firm mentioned on Oct. 27 that the transaction has closed, 9 months after it introduced the deal on Jan. 14.
Underneath the construction set out in January, TotalEnergies retains its full financial curiosity in OML 23, OML 28 and OML 77, the three Renaissance JV fuel licenses. These licenses at present provide about half of the feed fuel for Nigeria LNG, so the corporate stays uncovered to the export challenge whereas exiting the enterprise’s onshore oil belongings.
The completion follows Eni’s sale of its Nigerian subsidiary Agip Power and Pure Sources, which held a 5% stake in the identical three way partnership, to Sterling-owned Apex, which Eni introduced as accomplished on Oct. 26. With each offers completed, the worldwide companions left within the former SPDC enterprise have now handed their onshore oil positions to Nigerian-owned operators. Shell bought its working stake to the Renaissance consortium in 2025.
Nigeria stays one of many major contributors to TotalEnergies’ oil and fuel output, at 188,000 boed of manufacturing in 2025. The corporate has been within the nation for greater than 60 years and employs over 1,800 individuals there. It additionally operates a big offshore portfolio, which isn’t affected by this sale.
