French energy company TotalEnergies has completed the sale of its interests in 15 Nigerian oil licences to Vaaris in a deal valued at $800 million.

The transaction, announced on October 27, follows an agreement signed by both companies in January 2026 after TotalEnergies failed to finalise an earlier proposed sale to another buyer.

Despite withdrawing its interests in the 15 oil licences under the Renaissance joint venture, TotalEnergies will retain full economic ownership of three gas assets: Oil Mining Leases (OMLs) 23, 28 and 77.

The three gas licences currently supply about 50 per cent of the gas required by Nigeria LNG, making them significant to the country’s gas industry.

The Renaissance joint venture is operated by Renaissance Africa Energy Company, which holds a 30 per cent interest, while the Nigerian National Petroleum Company Limited owns 55 per cent. Before the latest transactions, TotalEnergies held a 10 per cent stake, while Italian energy company Eni owned the remaining five per cent.

The completion of TotalEnergies’ divestment came a day after Eni concluded the sale of its Nigerian subsidiary, AENR, to a company owned by Sterling Oil.