TotalEnergies closes $800M Nigeria oil divestment, retains key gas assets

TotalEnergies has completed the sale of its oil interest in Nigeria's Renaissance joint venture for $800 million. The transaction was announced on October 27, 2026. TotalEnergies is a French multinational energy company listed on Euronext Paris.

TotalEnergies completed an $800M divestment of its 10% stake in Nigeria's Renaissance JV licenses to Vaaris. The company retains full economic interest in key gas assets, as previously announced.

TotalEnergies completed a divestment deal with Vaaris, receiving $800m. The transaction involved its subsidiary TEPNG and retained economic interests in three gas licenses in Nigeria. These assets are crucial for local gas supply, supplying half of the feedstock for Nigeria LNG infrastructure.

TotalEnergies (TTE) reached a 2024 high, closing at €83.45, with a market cap of ~€187B. The rally follows Brent crude nearing $120/bbl. The company sold a 10% stake in Nigeria's Renaissance JV for $800M, retaining economic interest. Analysts' consensus ratings remain unchanged. TTE faces grid connection delays for a German offshore wind project.

TotalEnergies Marketing Nigeria (NGX: TOTAL) reported a net income of N5.8 billion for 9M’26, reversing a prior-year loss of N14.1 billion. Revenue rose 12.6% YoY to N661.9 billion, driven by higher production volumes and pricing. Costs increased, but gross margin expanded to 11.9%. Operating income grew 238.9% YoY to N19.2 billion, with net finance costs declining 36.6% YoY.

TotalEnergies (TTE) has completed the sale of its 10% stake in the Renaissance JV licenses to Vaaris for $800 million. The company retains full economic interest in three gas licenses, which supply 50% of Nigeria LNG gas. TotalEnergies has been operating in Nigeria for over 60 years, with significant production and distribution networks.