TotalEnergies finalized the sale of its 10% non-operated interest. This interest covered the Renaissance joint venture's onshore and shallow water oil licenses in Nigeria. Its subsidiary, TotalEnergies EP Nigeria (TEPNG), completed the divestment to Vaaris for $800 million. The company originally announced this deal in January 2026.
This transaction reshapes the French energy major's regional portfolio. It aligns with a broader trend of international oil companies divesting from Nigerian onshore assets. TotalEnergies maintains a significant presence in Nigeria's energy sector. The company's production in the country was 188,000 barrels of oil equivalent per day in 2025.
TotalEnergies will retain its full economic interest in three gas licenses. These licenses, OML 23, OML 28, and OML 77, are within the same joint venture. They supply approximately 50% of the feed gas for the Nigeria LNG (NLNG) plant. TotalEnergies remains a key player in Nigeria's gas and LNG value chain.