TotalEnergies and Eni have completed separate transactions involving their interests in Nigeria's Renaissance Joint Venture, continuing the broader shift by international oil majors away from onshore and shallow-water assets while retaining exposure to strategically important gas and deepwater operations.
By Carolina Curiel
Published October 28, 2026
What Readers Should Know
MONTREAL (Oil Monster): TotalEnergies and Eni have completed separate Nigerian asset sales that reduce their exposure to the country's onshore and shallow-water oil sector while preserving interests they consider more strategic.
TotalEnergies said its Nigerian subsidiary completed the sale of its 10% non-operated interest in the Renaissance Joint Venture to Vaaris for an aggregate consideration of $800 million.
Eni separately completed the sale of its wholly owned subsidiary Agip Energy and Natural Resources Nigeria Limited, or AENR, to Apex Global Energy Limited, which is wholly owned by Sterling Oil Exploration and Energy Production Company.
Transaction Snapshot
TotalEnergies: 10% Renaissance JV interest sold to Vaaris for $800 million
Eni: AENR, holder of a 5% JV interest, sold to Apex Global Energy
Renaissance: Remains operator with a 30% interest
TotalEnergies' divestment covers 15 Renaissance JV licences that are predominantly oil-producing.
Those assets contributed approximately 16,000 barrels of oil equivalent per day to TotalEnergies' production in 2025.
The company is also transferring its participating interest in three gas-producing licences, OML 23, OML 28 and OML 77, but will retain the full economic interest in those assets.
TotalEnergies says the three licences currently account for around 50% of the gas supplied to Nigeria LNG.
OilMonster Market Lens
The transactions are less about leaving Nigeria than changing the type of Nigerian assets the majors want to own.
TotalEnergies is reducing exposure to mature onshore oil while protecting gas-linked economics, and Eni is exiting non-strategic onshore and shallow-water assets while maintaining deepwater and LNG positions.
AENR holds a 5% interest in the Renaissance Joint Venture, which includes onshore and shallow-water hydrocarbon operations.
Eni said the transaction received all required approvals and forms part of its strategy to rebalance its upstream portfolio and divest non-strategic assets.
The company will continue operating in Nigeria through deep-offshore exploration and development as well as its participation in Nigeria LNG.
Before the latest transactions, the Renaissance Joint Venture was held by Nigerian National Petroleum Company Limited with 55%, Renaissance Africa Energy Company with 30% as operator, TotalEnergies with 10% and AENR with 5%.
The completed deals transfer TotalEnergies' participating interest to Vaaris and ownership of AENR to Apex Global Energy.
Renaissance acquired operatorship of the former Shell Petroleum Development Company joint venture earlier in the wider restructuring of Nigeria's onshore oil sector.
The transactions add to a broader reallocation of capital by international oil companies operating in Nigeria.
Major producers have increasingly reduced exposure to mature Niger Delta onshore and shallow-water operations while focusing investment on deepwater production and natural gas.
Security risks, crude theft, pipeline vandalism and operational complexity have contributed to that shift.
TotalEnergies and Eni are reducing their direct exposure to the Renaissance JV, but neither company is leaving Nigeria.
TotalEnergies is retaining the economics of key gas assets supporting Nigeria LNG, while Eni is maintaining its deep-offshore and LNG presence.
The transactions therefore reinforce a broader industry trend: international majors are becoming more selective about Nigerian upstream assets rather than exiting the country altogether.
Sources: TotalEnergies; Eni.
