French energy major TotalEnergies has agreed to sell its 10 percent non operated stake in Nigeria’s onshore oil joint venture formerly known as the Shell Petroleum Development Company Joint Venture, now renamed the Renaissance Joint Venture, to Vaaris Resources JV Co. Limited, a Nigerian consortium. The transaction forms part of TotalEnergies’ strategy to exit mature onshore oil assets in the Niger Delta and concentrate on gas and lower risk offshore projects, according to Reuters.
The sale and purchase agreement, signed in mid January 2026, covers TotalEnergies’ participating interest in 15 oil mining leases and three gas producing licences, including OML 23, OML 28 and OML 77. The assets contributed roughly 16,000 barrels of oil equivalent per day to the company’s share of production last year, based on figures cited by industry disclosures reported by Investing.com. TotalEnergies will however retain its economic interest in the gas licences, which supply a significant portion of feed gas to Nigeria LNG, as noted by the company in a statement.
The Renaissance Joint Venture holds 18 licences in the Niger Delta and is owned by NNPC Limited with 55 percent, Renaissance Africa Energy Company with 30 percent as operator, TotalEnergies with 10 percent, and Agip Energy and Natural Resources Nigeria with 5 percent, according to CNBC Africa. Completion of the deal remains subject to regulatory approvals and other customary closing conditions.
The agreement follows the collapse of a previous attempt by TotalEnergies to sell the same stake to Chappal Energies in 2024, a transaction that was blocked by the Nigerian upstream regulator over funding and technical capacity concerns, as reported by Reuters. Analysts say the renewed sale highlights the continued reshaping of international oil company portfolios in Nigeria, even as gas assets tied to LNG exports remain strategically important.
