TotalEnergies Sells Renaissance JV Oil Interest for $800M
October 27, 2026
TotalEnergies has completed the sale of its 10% non-operated oil interest in Nigeria's Renaissance joint venture (JV) licenses to Vaaris for $800 million, while retaining its economic interests in three gas licenses, the company announced on October 27.
The transaction was completed through its subsidiary TotalEnergies EP Nigeria (TEPNG), with the company retaining its full economic interest in the Renaissance JV's three gas licenses, OML 23, OML 28 and OML 77, which currently account for 50% of Nigeria LNG's gas supply.
The arrangement to retain these gas interests was previously announced on January 14, 2026.
The transaction follows Eni's announcement on October 26 that it had completed the sale of its Nigerian subsidiary Agip Energy and Natural Resources (Nigeria) (AENR) to Apex Global Energy Limited (APEX), a wholly owned subsidiary of Sterling Oil Exploration and Energy Production Company.
AENR, previously wholly owned by Eni, held a 5% stake in the Renaissance JV and was engaged in onshore and shallow-water hydrocarbon exploration and production in Nigeria.
Before the announced divestments, the joint venture comprised Renaissance as operator with a 30% interest, TotalEnergies with 10%, Eni's AENR with 5% and Nigerian National Petroleum Company Limited (NNPC) with 55%.
Eni's divestment, which received approval from all relevant authorities, formed part of its strategy to optimize its upstream portfolio by selling non-strategic assets.
