TotalEnergies completes $800m Renaissance JV stake sale to Vaaris

TotalEnergies said on 27 October that its Nigerian subsidiary, TotalEnergies EP Nigeria, had completed the sale of its 10% non-operated interest in Renaissance joint-venture licences to Vaaris. The company put the aggregate transaction amount at $800 million. Its announcement confirms completion but does not specify the exact closing day.

The transaction follows a sale agreement announced on 14 January 2026. Those earlier terms distinguished 15 mainly oil-producing licences from three mainly gas-producing licences: OML 23, OML 28 and OML 77. Although the participating interests in the gas licences were also to transfer, TotalEnergies was to retain its full economic interest in them.

The completion announcement reaffirms those retained gas economics. TotalEnergies says the three licences currently account for half of Nigeria LNG's gas supply. This is the company's description of the assets' supply role, not an announcement of additional LNG production.

What changes for Nigeria

The development marks a completed ownership transaction involving Nigerian energy assets, rather than a newly signed deal. Retaining the gas-related economic interest also means the sale should not be read as a complete withdrawal by TotalEnergies from Nigeria.

FXRates context: the $800 million is a transaction amount, not a measure of new productive investment or a verified inflow into Nigeria's foreign-exchange market. Neither the release nor the earlier agreement establishes an immediate change in national oil output, export receipts or the naira exchange rate.