TotalEnergies SE has signed an settlement to divest its 10 % curiosity in a Niger Delta three way partnership beforehand operated by Shell PLC to Vaaris.
Chappal Energies Mauritius Ltd beforehand entered right into a deal to purchase the stake however, in accordance with an internet assertion by the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) on September 25, 2025, didn’t consummate the transaction after time extensions.
The Renaissance JV, beforehand generally known as the SPDC JV when it was operated by Shell Petroleum Growth Firm of Nigeria Ltd (SPDC), holds 15 licenses producing primarily oil, TotalEnergies famous in an announcement asserting the sale to Vaaris. The licenses contributed about 16,000 barrels of oil equal a day to TotalEnergies’ web manufacturing final yr, the corporate stated.
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“TotalEnergies EP Nigeria may even switch to Vaaris its 10 % collaborating curiosity within the three different licenses of Renaissance JV that are producing primarily gasoline (OML 23, OML 28 and OML 77), whereas TotalEnergies will retain full financial curiosity in these licenses which at the moment account for 50 % of Nigeria LNG gasoline provide”, the assertion added.
The completion of the transaction, the worth of which has not been disclosed, is topic to regulatory approvals and different customary circumstances, in accordance with the assertion.
At present Renaissance JV is owned by Nigerian Nationwide Petroleum Corp Ltd (55 %), operator Renaissance Africa Vitality Co Ltd (30 %), TotalEnergies EP Nigeria (10 %) and Eni SpA’s Agip Vitality and Pure Assets Nigeria (5 %).
Confirming the collapse of the earlier sale to Chappal, the NUPRC stated “the withdrawal of a ministerial consent doesn’t in any approach rule out the potential of a future divestment by the events offered such an asset sale is in step with extant legal guidelines”.
“The NUPRC affirms that in step with Part 6(h) of the Petroleum Business Act, it stays dedicated to selling an enabling setting for investments in upstream petroleum operations”, added the NUPRC assertion final yr.
In late 2025 TotalEnergies accomplished a separate Nigerian transaction to promote its 12.5 % stake in Oil Mining Lease 118, which incorporates the manufacturing Bonga area, to companions Shell PLC and Eni for $510 million.
Shell Nigeria Exploration and Manufacturing Co Ltd acquired 10 %, lowered from the initially meant 12.5 %. Eni exercised its preemption proper for two.5 %, the events confirmed in separate statements November 25, 2025.
The transaction has raised operator Shell’s curiosity to 65 % and Eni’s to fifteen %. Exxon Mobil Corp retains 20 % by way of Esso Exploration and Manufacturing Nigeria Ltd.
OML118 incorporates the Bonga area, which began manufacturing 2005 and has a capability of 225,000 barrels of oil per day, in accordance with Shell.
TotalEnergies beforehand stated the latest Nigerian divestments are a part of its efforts to refocus funding within the West African nation to offshore oil and operated gasoline.
Shell had additionally bought SPDC – and consequently its working stake within the SPDC JV – to Renaissance, in a deal accomplished within the first quarter of 2025, to refocus its Nigerian funding to deepwater and built-in gasoline belongings.
To contact the writer, e mail jov.onsat@rigzone.com
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