TotalEnergies sells Nigeria onshore stake to Vaaris Resources
TotalEnergies has agreed to sell its 10% stake in Nigeria’s Renaissance Joint Venture to Vaaris Resources, marking its second attempt to divest from the ageing onshore asset. The French energy giant previously tried selling the same stake to Chappal Energies for $860 million in 2025, but Nigerian regulators rejected that deal over concerns about the buyer’s financial capacity.
The Renaissance Joint Venture—formerly Shell Petroleum Development Company (SPDC)—is currently owned by NNPC Limited (55%), Shell’s successor consortium (30%), Eni (5%), and TotalEnergies (10%). If approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Vaaris Resources, incorporated just last December 22, 2025, will become the new minority partner.
Beyond the SPDC stake, the transaction includes interests in three additional oil and gas licences that supply gas to Nigeria LNG. However, TotalEnergies will retain full economic interest in these gas assets, describing natural gas as a transition fuel that aligns with its global strategy. The company is exiting carbon-intensive onshore oil assets plagued by crude theft, pipeline vandalism, ageing infrastructure, environmental damage, and multiple lawsuits.
This mirrors Shell’s exit last year, when it sold its 30% SPDC stake to indigenous firms for up to $2.4 billion. The exodus of international oil companies is reshaping Nigeria’s energy landscape, with local firms assuming greater responsibility for legacy assets. Regulators are expected to scrutinise Vaaris Resources’ technical competence and financial strength before approval.
Does this accelerating shift to indigenous control signal better management of Nigeria’s problematic onshore oil infrastructure, or will the same security and environmental challenges persist under new ownership?