TotalEnergies EP Nigeria, a subsidiary of the French multinational oil and gas company TotalEnergies, has signed a Sale and Purchase Agreement (SPA) with Vaaris Resources JV Co. Ltd. for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture comprising 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 holds 18 licences in the Niger Delta.
Vaaris Resources JV Co. Ltd. is a consortium of Nigerian oil and gas players made up of three marginal field operators and three industry service providers.
In a statement issued on Wednesday, TotalEnergies said that under the agreement with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest, together with all related rights and obligations, in 15 Renaissance JV licences that are mainly oil-producing.
Production from these licences represents approximately 16,000 barrels of oil equivalent per day as TotalEnergies’ share in 2025.
The agreement further provides that TotalEnergies EP Nigeria will transfer to Vaaris its 10 per cent participating interest in the remaining three Renaissance JV licences, which are primarily gas-producing—OML 23, OML 28 and OML 77—while TotalEnergies will retain full economic interest in these licences. These assets currently account for about 50 per cent of Nigeria LNG’s gas supply.
The completion of the transaction remains subject to customary conditions, including regulatory approvals.
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