TotalEnergies EP Nigeria has agreed to sell its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) licences to Vaaris.

The deal covers 15 oil-producing licences and three gas-focused licences, though TotalEnergies will retain full economic rights to the gas licences.

The Renaissance JV, formerly called the SPDC JV, is a partnership between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent), and Agip Energy and Natural Resources Nigeria (5 per cent). The JV oversees 18 licences across the Niger Delta.

According to TotalEnergies, the oil-producing licences involved in the sale contributed about 16,000 barrels of oil equivalent per day to the company’s share in 2025.

The gas-producing licences, OML 23, OML 28, and OML 77 account for half of Nigeria LNG’s gas supply. While TotalEnergies is transferring participating interests in these licences to Vaaris, it will maintain full economic interest.

The completion of the transaction will depend on standard regulatory approvals and other customary conditions.