Nigeria: TotalEnergies sells 10% of Renaissance for $800M but retains gas
TotalEnergies EP Nigeria (TEPNG) has completed the sale to Vaaris of its 10% stake in the licences of the Renaissance joint venture, for a total amount of $800 million. According to the press release published on October 27, 2026 in Paris, this divestment does not concern the gas component of the joint venture.
A non-operated stake sold to Vaaris
The transaction concerns a non-operated stake: TotalEnergies was a partner in these oil licences without conducting operations. The joint venture concerned, now named Renaissance, was previously known as SPDC.
The group reports a completed sale, meaning that the transaction has been finalised and is no longer at the agreement stage. The stated price of $800 million corresponds to the total amount of the transaction.
TotalEnergies retains its interest in the three gas licences
As it had announced on January 14, 2026, TotalEnergies retains a full economic interest in the three gas licences of the Renaissance joint venture: OML 23, 28 and 77.
These licences currently represent 50% of the gas supply to Nigeria LNG. The group's exit is therefore limited to the oil component of the joint venture, while its position in the gas assets that supply Nigeria LNG is maintained.
Nigeria, one of the group's main producing countries
Nigeria is among the main contributors to TotalEnergies' hydrocarbon production, with 188,000 barrels of oil equivalent per day produced in 2025. Present in the country for more than 60 years, the group employs more than 1,800 staff there and operates a network of some 540 service stations.
