TotalEnergies completes $800 million sale of Nigerian oil stake

TotalEnergies has finalized the sale of its 10 percent non-operated interest in the Renaissance joint venture (JV) to Vaaris for $800 million. The transaction, executed through its local subsidiary TotalEnergies EP Nigeria, involves the transfer of participating interests across 15 primarily oil-producing licenses.

While divesting these onshore oil assets, TotalEnergies has strategically retained its full economic interest in three critical gas-producing licenses: OML 23, OML 28, and OML 77. These specific blocks are vital to the regional energy infrastructure, supplying approximately 50 percent of the gas used by Nigeria LNG (NLNG) on Bonny Island.

The divestment follows a trend of international oil companies shifting capital away from onshore Niger Delta operations—which face challenges such as crude theft and pipeline sabotage—toward deepwater projects and liquefied natural gas (LNG). This deal follows a previous, unsuccessful attempt by TotalEnergies in 2024 to sell its stake to Chappal Energies, which was rejected by Nigerian authorities.