TotalEnergies Nigeria has completed the sale of its 10% non-operated stake in the Renaissance JV oil licences to Vaaris for $800mn, the company said on Tuesday. It first announced the deal on 14 January.
What TotalEnergies Nigeria keeps
Crucially, the French major keeps its full economic interest in the joint venture’s three gas licences: OML 23, OML 28 and OML 77. Together, these supply 50% of the gas that feeds Nigeria LNG. In other words, it is selling onshore oil but holding on to LNG.
Even so, Nigeria remains one of its main producing countries. In 2025, TotalEnergies produced 188,000 boe/d there. In addition, it runs about 540 service stations and employs more than 1,800 people.
Why it matters
Like its peers, TotalEnergies is selling non-core oil assets while prices are high. Similarly, Chevron is marketing older US Gulf fields. Read our report on that sale.
The company reports its third-quarter results on 29 October. For what to expect, see our preview of the majors’ Q3 profits.
For a deeper analysis, read: TotalEnergies Nigeria: Why It Sold the Oil but Kept the Gas That Feeds Half of Nigeria LNG
