Nigeria's Indigenous Capital Steps Forward as TotalEnergies Recalibrates

TotalEnergies' decision to divest its 10% non-operated stake in the Renaissance joint venture marks another defining moment in the quiet but consequential reshaping of Nigeria's upstream oil and gas sector.

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Under a newly signed Sale and Purchase Agreement, TotalEnergies EP Nigeria will transfer its participating interests in 15 oil-producing licences to Vaaris Resources, assets that delivered about 16,000 barrels of oil equivalent per day net to the French major in 2025.

The deal also includes TotalEnergies' 10% interest in three gas-producing licences—OML 23, OML 28 and OML 77—but with a crucial twist. While Vaaris will assume the participating interest, TotalEnergies will retain full economic exposure to the gas assets, which currently supply roughly half of Nigeria LNG's feed gas. The structure underscores TotalEnergies' strategic pivot: reducing operational and onshore risk while preserving cash flow tied to globally strategic LNG.