TotalEnergies sells 10% stake in Renaissance oil licences for $800 million

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 completes $800 million oil divestment

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.

• “TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of US$ 800 million.”

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.

• According to the company, the three licences currently account for 50% of the gas supplied to Nigeria LNG.
• The completed transaction therefore covers the company’s non-operated oil interests in the joint venture, while its economic interests in the three gas licences remain unchanged.

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.

TotalEnergies’ earlier $860 million deal failed

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.

• In July 2024, TotalEnergies agreed to sell its 10% interest to Mauritius-based Chappal Energies for $860 million, but the transaction was not completed.
• In September 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew the approval granted for the transaction after the parties failed to meet the financial commitments required to complete it.
• Following the unsuccessful Chappal transaction, TotalEnergies announced a new sale and purchase agreement with Vaaris on January 14, 2026.

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.

TotalEnergies Nigeria returns to profitability

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.

• Revenue grew by 12.65% to N661.92 billion from N587.59 billion, while profit after tax stood at N5.84 billion, reversing a N14.10 billion loss recorded a year earlier.
• The company’s earnings recovery was supported by increased petroleum product sales, stronger operating earnings and lower financing expenses, with finance costs declining by 40.13% during the period.
• Despite the recovery, third-quarter pre-tax profit of N1.31 billion was about half the N2.62 billion management had projected, although revenue exceeded its forecast.
• On the Nigerian Exchange, the marketing company’s shares remained unmoved at N518.40 on October 27, representing a 19% decline from their opening price of N640.00 for the year.

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.