French energy giant TotalEnergies and Italian oil major Eni have completed separate deals to divest their interests in Nigeria’s Renaissance Joint Venture, formerly the Shell Petroleum Development Company (SPDC), marking another shift in international oil companies’ involvement in the country’s onshore oil sector.
TotalEnergies sold its 10 per cent non-operated interest in the Renaissance Joint Venture to Vaaris for $800 million, while Eni completed the sale of its subsidiary, Agip Energy and Natural Resources Nigeria Limited (AENR), to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Limited.
AENR holds a five per cent interest in the joint venture. The transactions reflect the continuing repositioning of international oil companies (IOCs) away from Nigeria’s onshore and shallow-water operations towards deepwater assets and gas development.
Under the completed agreement, TotalEnergies EP Nigeria transferred its 10 per cent participating interest in 15 mainly oil-producing licences within the Renaissance Joint Venture. The divested assets accounted for approximately 16,000 barrels of oil equivalent per day of attributable production in 2025.
However, TotalEnergies retained its full economic interest in three gas-producing licences — OML 23, OML 28 and OML 77 — which account for 50 per cent of the gas supplied to Nigeria LNG (NLNG).
The decision to retain the gas interests highlights the strategic importance of Nigeria’s gas resources to TotalEnergies’ operations, even as the company reduces its exposure to part of its onshore oil portfolio.
Eni’s transaction involved transferring AENR, its wholly owned subsidiary engaged in onshore and shallow-water hydrocarbon exploration and production, to Apex Global Energy. The deal received approval from all relevant authorities and aligns with Eni’s strategy to optimise its upstream portfolio by divesting assets it considers non-strategic.