TotalEnergies to Exit 10% Stake in Nigeria’s Renaissance JV in Asset Sale

Core Viewpoint - TotalEnergies has signed a Sale and Purchase Agreement to divest its 10% non-operated stake in the Renaissance joint venture in Nigeria, continuing its portfolio rationalization in Africa [1] Group 1: Transaction Details - TotalEnergies EP Nigeria will transfer its 10% participating interest in 15 oil-producing licenses to Vaaris, which produced approximately 16,000 barrels of oil equivalent per day for TotalEnergies in 2025 [2] - The transaction includes the transfer of TotalEnergies' 10% interest in three gas-producing licenses (OML 23, OML 28, and OML 77), while TotalEnergies retains full economic exposure to these gas assets, which are crucial for Nigeria LNG's supply [3] - The Renaissance JV operates across 18 licenses in the Niger Delta, with ownership split among Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%) [4] Group 2: Strategic Context - The sale aligns with TotalEnergies' strategy to high-grade its upstream portfolio, particularly in Nigeria's mature onshore and shallow-water assets, as international oil companies have reduced exposure to these areas due to operational risks and regulatory uncertainties [5] - Other major oil companies, including Shell, ExxonMobil, and Eni, have also divested onshore Nigerian assets to local operators, indicating a trend towards increased domestic participation in Nigeria's upstream sector [6] - TotalEnergies remains committed to Nigeria, with significant investments in offshore oil projects and gas, contributing approximately 209,000 barrels of oil equivalent per day to its global production in 2024 [7]