TotalEnergies has completed the sale of its 10% non-operated interest in oil licences held by the Renaissance joint venture in Nigeria to Vaaris for $800 million.
The French energy company disclosed the completion of the transaction in a press statement issued on Tuesday, October 27, 2026.
The development comes more than nine months after TotalEnergies announced that its subsidiary, TotalEnergies EP Nigeria, had signed a sale and purchase agreement with Vaaris for its interest in the joint venture’s licences.
TotalEnergies said the transaction was carried out through its subsidiary, TotalEnergies EP Nigeria (TEPNG), transferring its 10% non-operated interest in the Renaissance joint venture’s oil licences to Vaaris.
The company confirmed the completion of the divestment in its statement, highlighting the value of the transaction and the assets involved.
While the oil interests have been sold, TotalEnergies said it retains its full economic interest in the joint venture’s three gas licences: OML 23, OML 28 and OML 77.
The sale also concludes the transaction announced in January 2026, under which TotalEnergies agreed to transfer its participating interest and associated rights and obligations in 15 licences producing mainly oil.
The completed sale follows an earlier attempt by TotalEnergies to divest its interest in the same joint venture, formerly known as the Shell Petroleum Development Company (SPDC) joint venture.
Under the agreement, the French energy company was to transfer its 10% participating interest and associated rights and obligations in 15 licences producing mainly oil.
The $800 million transaction with Vaaris is $60 million lower than the $860 million previously agreed with Chappal Energies, bringing the earlier divestment process to a conclusion with a different buyer.
The divestment announcement comes as TotalEnergies Marketing Nigeria Plc, a separately listed petroleum marketing company, reported a return to profitability in the first nine months of 2026.
Its unaudited financial statements showed a pre-tax profit of N8.02 billion for the period ended September 30, compared with a pre-tax loss of N11.92 billion in the corresponding period of 2025.
The stock had also fallen by 10% from September 24 to the time of the market report, despite the company’s improved nine-month financial performance.
