Nigeria: TotalEnergies Signs An Agreement To Sell Its Oil Stake In Renaissance (Formerly SPDC)

Paris (BUSINESS WIRE) - TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria has signed an agreement with Vaaris for the sale of its non-operated 10% stake in the production licenses of the Renaissance joint venture (JV) in Nigeria.

The Renaissance JV (formerly “JV SPDC”) is an unincorporated joint venture between the Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30% operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta.

According to the agreement signed with Vaaris:

• TotalEnergies EP Nigeria will transfer to Vaaris its 10% stake, along with all associated rights and obligations, in 15 Renaissance JV licenses primarily producing oil. Production from these licenses represented 16,000 boe/d in Company share in 2025;
• TotalEnergies EP Nigeria will also cede to Vaaris its 10% stake in the other 3 Renaissance JV licenses, mainly producing gas (OML 23, 28 and 77), while retaining a full economic interest in these licenses which currently represent 50% of Nigeria LNG's gas supply.

The completion of the transaction is subject to customary conditions, including regulatory approval.

About TotalEnergies in Nigeria
Present in Nigeria for over 60 years, TotalEnergies currently employs more than 1,800 people across its various business lines. With 209,000 barrels of oil equivalent produced per day in 2024, Nigeria is one of the Company's main contributors to hydrocarbon production. TotalEnergies also operates a large distribution network with some 540 service stations throughout the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities.

About TotalEnergies
TotalEnergies is a global, integrated multi-energy company that produces and supplies energy: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables, and electricity. Our more than 100,000 employees are committed to providing more affordable, more available, and more sustainable energy to as many people as possible. Operating in approximately 120 countries, TotalEnergies places sustainable development at the heart of its strategy, projects, and operations.

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