TotalEnergies has completed an $800 million divestment from Nigeria’s onshore oil sector, transferring its 10% interest in 15 oil licences to Vaaris while preserving its economic exposure to three gas assets that supply half of the country’s liquefied natural gas needs.

The transaction draws a distinction between the French energy company’s oil and gas interests in Nigeria.

While it is relinquishing its equity in the oil licences held through the Renaissance joint venture, it will retain its full economic interest in OMLs 23, 28 and 77, the three gas licences associated with the venture.

The deal also places TotalEnergies among international energy companies completing ownership changes in Nigeria’s oil industry. Italian oil producer Eni concluded the sale of its Nigerian subsidiary, AENR, to a company owned by Sterling Oil a day before TotalEnergies announced the completion of its transaction with Vaaris.

TotalEnergies completes $800 million divestment

TotalEnergies signed the agreement with Vaaris in January 2026 after failing to reach a final agreement with an earlier prospective buyer.

The completed sale covers the company’s 10% interest in the 15 oil licences held through Renaissance. The transaction changes TotalEnergies’ exposure to the joint venture’s oil assets without ending its economic participation in the three specified gas licences.

The company has not disclosed how it intends to use the $800 million proceeds or whether the divestment will lead to changes in its future investment plans in Nigeria.

NNPC remains the largest shareholder

The Renaissance joint venture is operated by Renaissance Africa Energy Company, which holds a 30% interest. State-owned Nigerian National Petroleum Company (NNPC) owns 55%, while TotalEnergies previously held 10% and Eni held the remaining 5%.

TotalEnergies’ sale transfers its interest to Vaaris, while Eni’s separate divestment introduces another ownership change involving an international energy company’s Nigerian assets.

The transactions illustrate the changing ownership landscape in Nigeria’s oil industry, although the available information does not establish that the two sales share the same commercial motivations.

Gas interests remain important to Nigeria LNG

Despite selling its equity in the oil licences, TotalEnergies will retain its full economic interest in OMLs 23, 28 and 77.

Their contribution to Nigeria LNG’s gas supply makes the retained interests significant to the country’s liquefied natural gas industry. The arrangement allows TotalEnergies to reduce its direct exposure to the specified oil licences while maintaining its economic participation in the three gas assets.

The distinction is important because the sale does not amount to a complete withdrawal from the Renaissance assets or from Nigeria’s energy industry.

Nigeria remains a major TotalEnergies market

TotalEnergies has operated in Nigeria for more than 60 years and employs more than 1,800 people across its business segments. The country produced 188,000 barrels of oil equivalent per day for the company in 2025, making it one of its main contributors to global hydrocarbon production.

The company’s Nigerian operations also include approximately 540 service stations, extending its presence into fuel distribution.

Globally, TotalEnergies operates in about 120 countries and employs more than 100,000 people across its oil, natural gas, biofuels, renewable energy and electricity businesses. Its completed sale to Vaaris changes its interests in the Renaissance oil licences while leaving its retained gas interests and broader Nigerian operations in place.