LAGOS, Oct 27 – TotalEnergies has completed the sale of its 10% non-operated interest in oil licences held by Nigeria’s Renaissance joint venture to Vaaris for $800 million, concluding a divestment process that previously stalled under a different buyer.
The French energy company disclosed the completion in a statement on Tuesday, October 27, 2026. The transaction was executed through its subsidiary, TotalEnergies EP Nigeria (TEPNG), transferring the company’s participating interest in the joint venture’s oil licences to Vaaris.
“TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of US$ 800 million.”
The completion follows an agreement announced on January 14, 2026, under which TotalEnergies agreed to transfer its participating interest and associated rights and obligations in 15 licences producing mainly oil.
Despite the divestment, TotalEnergies will retain its full economic interest in three gas licences held within the joint venture: OML 23, OML 28 and OML 77. According to the company, the licences currently account for 50% of the gas supplied to Nigeria LNG.
The transaction therefore separates the company’s non-operated oil interests from its retained economic exposure to gas production supplying Nigeria’s liquefied natural gas industry.
Second attempt completes the divestment
The sale to Vaaris follows an earlier unsuccessful attempt to dispose of the same 10% interest, when the joint venture was formerly known as the Shell Petroleum Development Company joint venture.
In July 2024, TotalEnergies agreed to sell its stake to Mauritius-based Chappal Energies for $860 million. However, the transaction did not reach completion.
In September 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew its approval for the sale after the parties failed to meet the financial commitments required to complete the transaction.
TotalEnergies subsequently entered into a new sale and purchase agreement with Vaaris in January 2026. The completed $800 million deal is $60 million below the price agreed with Chappal Energies, bringing the earlier divestment process to a close with a different buyer.
The transaction forms part of TotalEnergies’ management of its Nigerian upstream portfolio, while the retention of the three gas licences preserves its economic interests in assets that supply a significant share of the gas delivered to Nigeria LNG.
TotalEnergies Marketing Nigeria returns to profitability
Separately, TotalEnergies Marketing Nigeria Plc, a listed petroleum marketing company distinct from TotalEnergies EP Nigeria, reported a return to profitability in the first nine months of 2026.
The company’s unaudited financial statements showed pre-tax profit of ₦8.02 billion (approximately $5.98 million), compared with a pre-tax loss of ₦11.92 billion (approximately $8.88 million) in the corresponding period of 2025.
Revenue rose 12.65% to ₦661.92 billion (approximately $493.4 million), from ₦587.59 billion (approximately $438.1 million) a year earlier. Profit after tax reached ₦5.84 billion (approximately $4.35 million), reversing a loss of ₦14.10 billion (approximately $10.51 million) recorded in the same period of 2025.
The recovery was supported by higher petroleum product sales, stronger operating earnings and lower financing expenses. Finance costs declined by 40.13% over the period.
However, the improvement in nine-month earnings was accompanied by a weaker-than-expected third-quarter result. Pre-tax profit for the quarter stood at ₦1.31 billion (approximately $977,000), about half the ₦2.62 billion (approximately $1.95 million) management had projected, although revenue exceeded its forecast.
On the Nigerian Exchange, TotalEnergies Marketing Nigeria shares remained unchanged at ₦518.40 (approximately $0.39 per share) on October 27. The price represented a 19% decline from the stock’s opening price of ₦640.00 (approximately $0.48 per share) at the start of the year.
The shares had also declined by 10% between September 24 and October 27, despite the company’s improved nine-month financial performance.
The contrasting developments highlight two separate dimensions of TotalEnergies’ Nigerian operations: the completion of an upstream oil divestment while retaining interests in key gas assets, and an earnings recovery at its separately listed downstream marketing business.
