Yemisi Izuora
Oil major TotalEnergies has signed an agreement to sell its 10 per cent non-operated stake in the Nigerian onshore oil asset in Renaissance Joint Venture (JV).
The choice of Vaaris,is as a result of failed sale move last year to Mauritius-based Chappal Energies.
The deal includes stakes in three other licences producing mainly gas for Nigeria LNG, in which Total will retain full economic interest.
Company registrations show Vaaris Resources JV CO Limited was incorporated in Nigeria on December 22, 2025. Total offered no further information on the new buyer, according to Reuters.
Last year, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reportedly blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.
Renaissance had purchased Shell Development and Production Company (SPDC) which has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.
Last year Shell sold its 30 per cent stake in SPDC to a consortium of five mostly local companies for up to $2.4 billion.
The Nigerian National Petroleum Corporation (NNPC) holds 55 per cent of the joint venture, while Italy’s Eni has 5 per cent.
The deal is subject to approval by NUPRC.