Nigeria: TotalEnergies Signs a Sale and Purchase Agreement in View of Divesting its Oil Interest in Renaissance JV (formerly SPDC)
TotalEnergies SE Ordinary Shares (TTE)
Company Research
Source: Business Wire
PARIS--(BUSINESS WIRE)--TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria.The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta.Under the agreement signed with Vaaris:TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil. Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025.TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 oth
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