TotalEnergies signs deal to divest Nigerian oil stake

LAGOS, January 14, 2026 – TotalEnergies has signed an agreement to sell its 10% interest in a Nigerian joint venture, the company said on Monday.

The deal involves the divestment of TotalEnergies EP Nigeria’s non-operated stake in 15 oil-producing licences of the Renaissance JV, formerly the SPDC JV. The licences accounted for around 16,000 boepd in 2025. The company will also transfer its 10% interest in three gas-producing licences, while retaining economic rights to supply Nigeria LNG.

The buyer, Vaaris, is a Nigerian-registered special purpose vehicle established in December 2025 specifically to acquire TotalEnergies’ stake in the joint venture. TotalEnergies has not disclosed further details about the ownership or structure of the entity.

The agreement is subject to regulatory approvals.

TotalEnergies has operated in Nigeria for over 60 years, employing 1,800 people and producing 209,000 boepd in 2024. The company also operates a national retail network of around 540 service stations.

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