TotalEnergies has signed a new agreement to sell its interests in a portfolio of Nigerian onshore oil and gas licenses, following the collapse of a previous deal. The company will sell its stakes to a consortium named Vaaris, after a proposed $860 million sale to Chappal Energies was not approved by the government last year.

Transaction Details

The sale and purchase agreement covers TotalEnergies' interests, rights, and obligations in 15 producing licenses, which yielded about 16,000 barrels of oil per day net to the company in 2025. The deal also involves three additional oil mining licenses (OMLs 23, 28, and 77) that produce mainly gas. However, for these three gas-producing licenses, TotalEnergies will retain its full economic interest, which is critical as it currently accounts for 50% of the gas supply to the Nigeria LNG export plant on Bonny Island. The transaction's closing is pending customary regulatory approvals.

Parties Involved

The assets are part of the Renaissance joint venture, an unincorporated organization. The venture's partners are operator Renaissance Africa Energy Company (30%), state-owned NNPC (55%), TotalEnergies (10%), and Eni (5%). The buyer, Vaaris, is described as a consortium of Nigerian companies, though it has no discernible online presence and the value of the new transaction was not disclosed.

Government Engagement

The announcement followed a meeting between TotalEnergies' leadership in Nigeria and the Nigerian President's Special Advisor on Energy. Discussions focused on the company's investment priorities and the policy frameworks needed to support them, with both parties reaffirming a commitment to Nigeria's energy reforms and energy security.