…VAARIS was the reserved bidder prior to this SPA, after Chappal Energies won the deal in July 2024 for a firm consideration of $860 million.
…Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025.
WED JAN 14 2026-theGBJournal| TotalEnergies EP Nigeria, a subsidiary of TotalEnergies, today announced the signing of a Sale and Purchase Agreement (SPA) with VAARIS Resources JV CO Limited for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria.
Under the agreement signed with VAARIS, incorporated in Nigeria in December 22, 2205, TotalEnergies EP Nigeria will sell to VAARIS its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil.
Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025.
TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses which currently account for 50% of Nigeria LNG gas supply.
TotalEnergies noted in the press statement announcing the agreement, that the closing of the deal is subject to customary conditions, including regulatory approvals.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta.
VAARIS was the reserved bidder prior to this deal, after Chappal Energies won the deal in July 2024 for a firm consideration of $860 million.
However, Chappal Energies did not close the deal with Total even after they both had received regulatory approval for the sale and purchase.
Three other big players including SAPETTRO, Bayo Ogunlesi/Hakeem Belo-Osagie partnership and Chappal Energies had queued to land the oil interest in Renaissance JV, but where edged out.
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