TotalEnergies Agrees to Sell Nigerian Oil Assets

In a major energy sector development, TotalEnergies has struck a deal to sell its 10 % stake in the onshore SPDC oil assets (now Renaissance JV) in Nigeria:
The buyer is Vaaris Resources JV Co Ltd, a Nigerian-incorporated company formed in late 2025. 
The sale includes stakes in three gas licences supplying Nigeria LNG, though TotalEnergies will retain economic benefits from those gas assets.
This follows a previous deal attempt with Chappal Energies that was blocked by Nigerian regulators over funding concerns. 
SPDC has faced operational and security challenges—including sabotage, oil theft, and spill-related liabilities—that have made divestment more complex. 
The transaction still needs final approval from Nigeria’s regulatory authorities before completion. 
This move reflects ongoing shifts in Nigeria’s oil industry and growing participation of local companies in major upstream assets.

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