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TotalEnergies and Eni have completed separate deals to divest interests in the Renaissance Joint Venture, formerly the Shell Petroleum Development Company JV, in the latest shake-up of Nigeria’s onshore oil sector.
TotalEnergies sold its 10 per cent non-operated stake to Vaaris for $800 million. The deal covers 15 mainly oil-producing licences, which accounted for about 16,000 barrels of oil equivalent per day of attributable production in 2025.
The French company, however, retained its full economic interest in three gas-producing licences—OML 23, OML 28 and OML 77—which supply 50 per cent of the gas fed to Nigeria LNG.
Eni completed the sale of its subsidiary, Agip Energy and Natural Resources (Nigeria) Limited, which holds a five per cent interest in the JV, to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Limited. The deal received all relevant approvals.
The transactions deepen the retreat of international oil companies from onshore and shallow-water operations as they reposition toward deepwater assets and gas development.
