TotalEnergies completes $800m sale of 15 Nigerian oil assets
TotalEnergies completed an $800m sale of 15 Nigerian oil assets to Vaaris, retaining interests in three gas assets. The deal follows a failed 2024 agreement with Chappal Energies. The sale is part of a broader trend of international oil companies divesting onshore Nigerian assets. TotalEnergies' Nigerian production averaged 188,000 boe/d in 2025, according to the company.
How this was made
The 30-second read
Why it matters
The $800 M sale reduces TotalEnergies' oil production but retains valuable gas assets, creating mixed short-term valuation effects.
Market read
A significant M&A event for a major oil major, likely to move its stock and influence sector dynamics.
What to watch
Retention of significant gas assets supplying Nigeria LNG may sustain earnings and mitigate the impact of the oil asset divestiture.
Background
TotalEnergies announced the completion of a major asset divestiture in Nigeria, finalizing a process that began with a failed earlier deal.
Market effects
Signals continued consolidation of onshore oil assets in Nigeria, potentially benefiting peers with remaining exposure.
May affect regional oil supply dynamics as TotalEnergies reduces its onshore production footprint.
Highlights trend of major oil majors divesting onshore assets in Africa, could influence global energy investment sentiment.
Counterpoint
The cash from the sale could be redeployed into higher-margin projects, supporting a longer-term upside.
Key entities
- companyTotalEnergies SE
French energy giant completing the asset sale.
- companyVaaris
Indigenous firm acquiring the Nigerian oil licences.
