• TotalEnergies agreed to sell a 10% non-operated stake in Nigerian onshore and shallow-water assets to Vaaris Resources.

• The assets contributed about 16,000 barrels of oil equivalent per day to TotalEnergies’ output in 2025.

• The deal follows the collapse of a previously approved $860 million transaction with Chappal Energies.

TotalEnergies confirmed on Wednesday, January 14, 2026, that it signed a sale and purchase agreement to divest interests in Nigerian oil assets through its local subsidiary. The buyer is Nigerian company Vaaris Resources JV Co Ltd.

The transaction covers TotalEnergies’ non-operated 10% stake in the Renaissance Joint Venture, formerly known as SPDC. The joint venture holds 18 onshore and shallow-water licenses located in the Niger Delta.

Among these licenses, 15 primarily target oil production. The company said these assets contributed around 16,000 barrels of oil equivalent per day to TotalEnergies’ group production in 2025.

The transaction remains subject to required regulatory and administrative approvals from Nigerian authorities. The agreement also includes the sale of TotalEnergies’ 10% interests in the gas licenses OML 23, OML 28, and OML 77.

A New Deal After the Collapse of the Chappal Agreement

This divestment follows TotalEnergies’ announcement in May 2022 that it planned to sell 10% of its Nigerian onshore and shallow-water oil assets held within the SPDC joint venture.

In July 2024, the group announced the sale of those interests to Nigerian firm Chappal Energies for an estimated $860 million. More than a year later, in September 2025, Agence Ecofin reported that the Nigerian Upstream Petroleum Regulatory Commission revoked its initial approval of the deal. The regulator cited the buyer’s failure to meet financial and regulatory conditions, which led to the transaction’s cancellation.

Separately, TotalEnergies completed another divestment in August 2024. TotalEnergies EP Nigeria sold oil and gas assets to local company Aradel Holdings. Aradel acquired 100% of the group’s interests in the Olo and Olo West marginal fields for $19.5 million.

Abdel-Latif Boureima