TotalEnergies Closes $800 Million Sale of 10% Renaissance JV Oil Interest to Vaaris

TotalEnergies has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate $800 million, the company said in a Business Wire announcement. The French energy major said it retains full economic interest in the venture's three gas licenses.

TotalEnergies Closes Renaissance JV Sale to Vaaris

TotalEnergies EP Nigeria (TEPNG) completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of $800 million, according to the announcement. The Renaissance JV was formerly known as SPDC.

As announced on January 14th, 2026, TotalEnergies retains full economic interest in the three gas licenses of the Renaissance JV, OML 23, OML 28 and OML 77, which currently account for 50% of Nigeria LNG gas supply. The company said it retains full economic exposure to gas licenses currently supplying 50% of Nigeria LNG's gas.

TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies' hydrocarbon production with 188,000 boe/d produced in 2025. The company also operates an extensive distribution network which includes about 540 service stations in the country.

TotalEnergies' Nigeria Footprint and Employee Shareholding

According to akta.pro company records, TotalEnergies carried out a capital increase reserved for employees on June 26, 2026, issuing 5,548,563 new shares at €62.00 per share following a subscription period from June 3-17, 2026, raising €310.5 million from 59,366 employees across 97 countries, with employee shareholders now holding approximately 7.6% of share capital. The same records show TotalEnergies trades approximately 7 million barrels per day of crude oil and refined products, representing about 7% of global supply.

Earlier TotalEnergies Deals and Partnerships

In October 2026, TotalEnergies and KKR signed an agreement to add 700 MW of renewable capacity to their 50:50 US joint venture, which holds 1.4 GW, with the expansion covering three solar projects in Texas and Ohio, according to Machine Maker. In June 2026, TotalEnergies acquired a 10% participating interest in the Bab Gas Cap Concession in Abu Dhabi alongside ADNOC (60%) and others, targeting 1.5 billion cubic feet of gas per day from the Bab onshore field, according to akta.pro company records. In October 2026, TotalEnergies was identified as a leading operator in Mozambique's $250 million offshore gas project with ExxonMobil and Eni, targeting floating storage and regasification capacity with timing around 2030-2031, according to Yahoo.

TotalEnergies Q3 2026 Earnings Date

TotalEnergies is projected to release Q3 2026 earnings on Thursday, October 29th, with analysts expecting $3.84 per share and $55.39 billion in revenue, according to MarketBeat. The company's last quarterly EPS was $2.68 with revenue of $57.10 billion.