TotalEnergies to sell 10% stake in SPDC onshore assets
TotalEnergies has finalized an agreement to dispose of its 10 percent non-operational interest in Nigeria's onshore oil venture, previously under Shell Petroleum Development Company and now referred to as the Renaissance Joint Venture, to Vaaris Resources.
The firm revealed the transaction on its website on Wednesday.
This divestment marks TotalEnergies' second attempt to sell the asset, following an unsuccessful $860 million agreement with Mauritius-based Chappal Energies that was obstructed by regulators in 2025.
Nigerian authorities expressed concerns about the financial viability of the earlier buyer, which led to the collapse of TotalEnergies' plans to move away from aging onshore assets and mitigate its exposure to operational and security threats.
According to the new agreement, TotalEnergies will transfer its 10% stake in the Renaissance Joint Venture to Vaaris Resources, a relatively recent player in Nigeria's upstream oil and gas sector.
Corporate documents indicate that Vaaris Resources JV Co. Limited was established in Nigeria on December 22, 2025.
TotalEnergies did not reveal the financial specifics of the deal, nor did it disclose information regarding the ownership or funding structure of the company.
TotalEnergies' decision to exit is indicative of the increasing withdrawal of international oil firms from Nigeria's onshore oil sector, as security issues and environmental hazards continue to impact profitability.
This move follows Shell's similar action last year when it divested its 30 percent interest in SPDC to a consortium primarily comprised of local companies in a deal valued at as much as $2.4 billion.
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