TotalEnergies Agrees to Sell 10% Stake in Nigeria’s SPDC Asset to Vaaris After Failed 2024 Deal
TotalEnergies has reached an agreement to sell its 10 percent non-operated stake in Nigeria’s onshore SPDC asset—now restructured as the Renaissance joint venture—to Vaaris, reviving its strategy to divest from mature onshore oil operations in the country.
The deal comes after the collapse of a proposed sale last year to Mauritius-based Chappal Energies, which was blocked by Nigerian regulators after the buyer failed to demonstrate sufficient financing for the $860 million transaction.
In addition to the SPDC interest, the agreement includes stakes in three other licenses that primarily supply gas to Nigeria LNG. TotalEnergies, however, will retain full economic rights to those gas-focused assets, underscoring its continued commitment to Nigeria’s gas sector.
Corporate filings indicate that Vaaris Resources JV Co Limited was registered in Nigeria on December 22, 2025.
TotalEnergies has not disclosed financial details of the transaction or provided further information about the buyer.
The divestment aligns with TotalEnergies’ broader objective of reducing exposure to high-risk onshore operations in the Niger Delta, where SPDC has long struggled with oil spills linked to theft, sabotage, and aging infrastructure.
These operational challenges have resulted in repeated shutdowns and costly remediation efforts.
Last year, Shell completed the sale of its 30 percent stake in SPDC to a consortium of five largely Nigerian companies in a transaction valued at up to $2.4 billion, signaling a wider shift by international oil majors away from onshore assets in Nigeria.
Within the Renaissance joint venture, Nigeria’s state-owned oil company NNPC holds a 55 percent stake, while Italy’s Eni owns 5 percent.
