By Abubakar Yunusa
TotalEnergies says its subsidiary, TotalEnergies EP Nigeria, has signed an agreement with Vaaris, a Nigerian special purpose vehicle (SPV), for the sale of its 10 percent non-operated interest in the Renaissance joint venture (JV) licences.
Corporate records show that Vaaris Resources JV Co. Limited was incorporated in Nigeria on December 22, 2025.
The French oil major announced the development in a statement on Wednesday.
According to the statement, the Renaissance JV, formerly known as the Shell Petroleum Development Company (SPDC) JV, is an unincorporated joint venture between Nigerian National Petroleum Company Ltd (55 percent), Renaissance Africa Energy Company Ltd (30 percent), TotalEnergies EP Nigeria (10 percent), and Agip Energy and Natural Resources Nigeria (5 percent).
“TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria,” the statement reads.
The oil company said the agreement includes all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
“Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025,” TotalEnergies said.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses which currently account for 50% of Nigeria LNG gas supply.
“Closing is subject to customary conditions, including regulatory approvals.”
The development comes after a failed sale agreement between TotalEnergies and Mauritius-based Chappal Energies.
In July, 2024, Chappal Energies agreed to purchase TotalEnergies EP Nigeria Limited’s stake in SPDC JV for $860 million — but the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew approval a year later.
“While we acknowledge these positive strides, it is imperative to address the challenges that accompany such sweeping reforms. The surge in inflation, which has exceeded 34%, and the rising cost of living are legitimate concerns that impact the daily lives of Nigerians.”
He urged the Federal Government to implement targeted interventions to cushion the effects of the reforms on vulnerable populations.
The NYF aligned with the Arewa Joint Initiative for Peace, expressing optimism that Nigeria would overcome current economic challenges through resilience and collective effort.
“We believe that the reforms initiated by President Tinubu will lead to an economic turning point after 2024, attracting renewed investment and stabilising the economy for future generations,” the statement said.
The group concluded by commending President Tinubu for his courage and vision, while calling on Nigerians to support the ongoing reforms, engage in constructive dialogue and work collectively towards building a prosperous and peaceful nation.
