TotalEnergies has completed the sale of its 10% non-operated interest in the Renaissance Joint Venture (JV) licences in Nigeria to Vaaris for a total consideration of US$800 million. The transaction was carried out through its subsidiary, TotalEnergies EP Nigeria (TEPNG).
The completion follows the announcement made on January 14, 2026. Despite the sale of its oil interest, TotalEnergies retains its full economic interest in three gas licences held by the Renaissance JV: OML 23, OML 28 and OML 77. These three licences currently account for 50% of the gas supplied to Nigeria LNG, an important part of the country’s gas production and export operations. The retained economic interest allows TotalEnergies to continue participating in the gas assets while completing its divestment from the oil interests covered by the transaction.
TotalEnergies has operated in Nigeria for more than 60 years and continues to maintain a presence across several business segments. The company employs more than 1,800 people in the country and remains involved in hydrocarbon production, gas operations and fuel distribution. Nigeria is one of the main contributors to TotalEnergies’ hydrocarbon production. The company produced 188,000 barrels of oil equivalent per day (boe/d) in the country in 2025.
In addition to its upstream operations, TotalEnergies operates an extensive fuel distribution network in Nigeria, comprising approximately 540 service stations. Its activities span different parts of the energy sector, supporting its long-standing presence in the country. The company said it remains attentive to Nigeria’s socio-economic development and is committed to working with local communities across its operations. The transaction marks a change in TotalEnergies’ ownership of the Renaissance JV oil interests, while its economic participation in the three gas licences remains unchanged.
TotalEnergies is a global integrated energy company that produces and markets oil and biofuels, natural gas, biogas, low-carbon hydrogen, renewable energy and electricity. Its workforce of more than 100,000 employees operates across approximately 120 countries. The company aims to provide energy that is reliable, affordable and more sustainable. Sustainability is central to its strategy, projects and operations as it develops and markets energy across multiple segments.
