Vaaris Buys 10% Stake in Nigerian Oil Licences from TotalEnergies for $800m

By Adedapo Adesanya

Vaaris has acquired a 10 per cent non-operated interest in oil licences held by Nigeria’s Renaissance joint venture from French energy giant TotalEnergies for $800 million, concluding a transaction that was first attempted with another buyer in 2024.

The deal was completed by TotalEnergies EP Nigeria (TEPNG), a subsidiary of TotalEnergies, which announced the transaction on Tuesday, October 27, 2026.

Under the agreement, Vaaris takes over TotalEnergies’ participating interest and associated rights and obligations in 15 licences producing mainly oil.

The Renaissance joint venture holds 18 licences in the Niger Delta, with the Nigerian National Petroleum Company (NNPC) Limited owning 55 per cent, Renaissance Africa Energy Company holding 30 per cent, TotalEnergies holding 10 per cent and Agip Energy and Natural Resources Nigeria holding the remaining five per cent.

Vaaris is a consortium of Nigerian oil and gas operators and service providers, according to industry reports. Its acquisition follows the transfer of Shell’s 30 per cent stake in the venture to the Renaissance consortium in 2025.

TotalEnergies had initially agreed to sell the interest to Mauritius-based Chappal Energies for $860 million in July 2024, but the deal failed to close after the parties did not meet the required financial commitments.

In September 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew its approval for the transaction after the parties failed to meet the financial commitments required to complete the deal.

Vaaris’ $800 million acquisition is $60 million below the earlier agreed price and marks the completion of TotalEnergies’ divestment from the joint venture’s oil interests.

However, TotalEnergies will retain its full economic interest in the gas licences OML 23, OML 28 and OML 77, which supply about 50 per cent of the feed gas to Nigeria LNG.

The transaction comes amid a broader shift in Nigeria’s onshore oil industry, as international energy companies transfer interests in mature assets to Nigerian operators while maintaining or expanding exposure to selected gas and offshore projects.