BusinessDay reported that the sale leaves TotalEnergies with its full economic interest in three Renaissance gas licenses that supply about half of Nigeria LNG’s gas.
The outlet identified TotalEnergies EP Nigeria (TEPNG), the company’s local subsidiary, as the entity that closed the deal, citing a company statement sent to BusinessDay. Vaaris gains the oil-license interest, while TotalEnergies receives $800 million, the report said.
BusinessDay separately reported that TotalEnergies retained its full economic interest across three Renaissance gas licenses: OML 23, OML 28 and OML 77. The licenses supply about half of the gas sent to Nigeria LNG, an export facility on Bonny Island where TotalEnergies is also a shareholder, the outlet said.
Renaissance followed the sale of Shell’s Nigerian onshore business. In earlier coverage of the transaction, EconoTimes reported that the sale closed in March 2025 and gave Renaissance control of the subsidiary’s 30% stake in its operating joint venture.
BusinessDay said Nigeria’s government has encouraged domestic companies to take over onshore assets as part of efforts to raise output and keep more industry earnings in the country. The outlet described Niger Delta oil operations as vulnerable to crude theft, pipeline sabotage and spills, which have disrupted production and exposed operators to legal and reputational costs. It contrasted those risks with gas supplies to a plant exporting LNG to Europe and Asia.
BusinessDay said many licenses need major work on pipelines, flow stations and security to maintain volumes. The outlet identified two indicators for investors: how TotalEnergies uses the sale proceeds and whether gas deliveries to Nigeria LNG remain reliable as Renaissance operators adjust their approach to oil assets.
