LE BRIEF

Nigeria: TotalEnergies completes US$800 million oil divestment while retaining strategic gas interests

LE BRIEF • 2026-10-28

The group closes the sale to Vaaris of its 10% oil interest in Renaissance joint-venture licences. It retains its economic interests in three gas licences supplying Nigeria LNG.

Original source : Original source

LE BRIEF — Wednesday, 28 October 2026 edition By the LE BRIEF newsroom Country : Nigeria Event : Completion announced by TotalEnergies on 27 October 2026; initial agreement on 14 January 2026. Institutional image accompanying TotalEnergies’ official 27 October 2026 release. Credit: TotalEnergies. TotalEnergies announced on Tuesday, 27 October 2026 that it had completed the sale of its 10% non-operated oil interest in licences of the Renaissance joint venture, formerly SPDC Joint Venture. TotalEnergies EP Nigeria completed the transaction with Vaaris for an aggregate US$800 million. Completion marks a further stage in the restructuring of the group’s Nigerian portfolio. It gives effect to the initial agreement announced in January 2026, rather than representing a complete exit from the country. A transaction focused on oil The divested interest carried no direct operating responsibility. The joint venture includes Nigeria’s national oil company, operator Renaissance Africa Energy Company and international partners. The transaction reduces TotalEnergies’ exposure to certain oil assets while it maintains activities in Nigeria’s energy sector. It should be distinguished from other divestments taking place in the country. Natural gas remains a priority TotalEnergies retains all its economic interests in gas licences OML 23, OML 28 and OML 77. According to the group, the three lice...