TotalEnergies Sells $800M Stake in Nigeria's Renaissance JV

TotalEnergies EP Nigeria has completed the divestment of its 10 percent non-operated interest in the Renaissance Joint Venture licenses to Vaaris for a total of $800 million. Despite this divestment, TotalEnergies retains full economic interest in three gas licenses associated with the Renaissance JV: OML 23, OML 28, and OML 77.

These licenses are significant as they currently account for 50 percent of Nigeria's LNG gas supply. TotalEnergies has been operating in Nigeria for over 60 years and employs more than 1,800 individuals across various business segments.

In 2025, Nigeria contributed significantly to TotalEnergies' hydrocarbon production, with an output of 188,000 barrels of oil equivalent per day. The company also maintains an extensive distribution network in Nigeria, including approximately 540 service stations, and is committed to the socio-economic development of the country by collaborating with local communities.