TotalEnergies Makes Nigeria Asset Sale, Launches Middle East Trading JV
January 14, 2026
TotalEnergies has agreed to sell its interests in Nigerian asset, while launching a new petroleum products trading joint venture in the Middle East, as the French energy major continues to reshape its portfolio and expand its downstream trading activities.
In Nigeria, TotalEnergies said its subsidiary TotalEnergies EP Nigeria had signed a sale and purchase agreement with Vaaris for the divestment of its 10% non-operated interest in the Renaissance joint venture, formerly known as the Shell Petroleum Development Company (SPDC) joint venture.
The Renaissance JV is an unincorporated joint venture holding 18 licences in the Niger Delta, comprising Nigerian National Petroleum Corporation Ltd with 55%, Renaissance Africa Energy Company Ltd with 30% as operator, TotalEnergies EP Nigeria with 10% and Agip Energy and Natural Resources Nigeria with 5%.
Under the agreement, TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and associated rights and obligations in 15 licences producing mainly oil. Production from those licences represented around 16,000 barrels of oil equivalent per day in company share in 2025.
The company will also transfer its 10% participating interest in three gas-producing licenses – OML 23, OML 28 and OML 77 – while retaining full economic interest in those licenses, which currently account for around half of Nigeria LNG’s gas supply. Completion of the transaction remains subject to customary conditions, including regulatory approvals.
Separately, TotalEnergies said it had launched BxT Trading, a new petroleum products trading joint venture equally owned with Bahrain’s Bapco Energies and backed by flows from Bapco Energies’ refinery.
BxT Trading is intended to support Bahrain’s downstream sector by broadening access to global markets and developing advanced trading, pricing, analysis and risk management capabilities, while strengthening TotalEnergies’ trading footprint in the Middle East alongside its existing hubs in Houston, Geneva and Singapore.
“The launch of BxT Trading reflects the Kingdom’s commitment to forging long-term strategic partnerships with leading global energy companies. BxT Trading represents a strategic step forward for Bapco Energies and the Kingdom of Bahrain.
“Through this partnership with TotalEnergies, we are enhancing our global trading capabilities, strengthening our downstream value chain, and reinforcing Bahrain’s position as a competitive and trusted player in the international energy markets,” said Shaikh Nasser bin Hamad Al Khalifa, chairman of Bapco Energies.
“We are happy about this new partnership with Bahrain and Bapco Energies, which strengthens our presence in the Middle East. BxT Trading reflects our long-standing commitment to act as a trusted partner in the region, dedicated to innovation, operational excellence and value creation,” added Patrick Pouyanné, chairman and chief executive of TotalEnergies.
