Vaaris Resources Acquires 10% Interest from TotalEnergies in Former SPDC Joint Venture

TotalEnergies has reached an agreement to divest its 10 per cent non-operated interest in Nigeria’s onshore oil venture formerly known as the Shell Petroleum Development Company, now rebranded as the Renaissance Joint Venture.

The decision marks the company’s second attempt to exit the asset after an earlier proposed sale to a foreign buyer failed to secure regulatory approval due to concerns over financial capacity.

Under the new arrangement, the stake will be transferred to Vaaris Resources, a recently incorporated Nigerian upstream oil and gas company. The company was registered late last year, according to corporate filings.

TotalEnergies did not disclose the value of the transaction or details of the financing structure backing Vaaris Resources. The deal remains subject to regulatory approvals from relevant Nigerian authorities.

Beyond the SPDC interest, the transaction also covers stakes in three additional oil and gas licences that primarily supply gas to Nigeria LNG. However, TotalEnergies clarified that it will retain full economic interest in these gas-focused assets, underscoring its intention to remain active in Nigeria’s gas sector.

The divestment reflects the broader retreat of international oil companies from Nigeria’s onshore oil assets, which have been plagued by crude theft, pipeline vandalism, environmental degradation and rising operational risks.

If approved, the deal would further accelerate the transition of legacy oil assets into indigenous ownership.