• Vaaris takes 10% , Sterling Oil 5% stake in Renaissance
• TotalEnergies’ NLNG linked gas interests remain intact
• Avuru comes to board with stalwart’s footprint

Sopuruchi Onwuka, Editor

French energy giant, TotalEnergies, has completed the sale of its 10 per cent equity interest in 15 oil licences operated by Renaissance Africa Energy Company (RAEC) Limited in Nigeria to Vaaris for $800 million.

Italian oil major, Eni, also divested its interests in the same group of licenses to local subsidiary of Indian Sterling Oil, marking a significant shift towards indigenous ownership of the country’s biggest producing company in the upstream petroleum industry.

The twin transactions automatically reshape the ownership structure of the RAEC Limited, the progeny of former Shell Petroleum Development Company (SPDC) Nigeria Limited which operated joint venture with the Nigerian National Petroleum Company (NNPC) Limited.

Daily Champion reports that the deal closures come as international oil companies continue to streamline their portfolios and Nigerian investors expand their presence in the sector.

TotalEnergies announced the completion of its transaction with Vaaris after signing an agreement in January 2026 to divest its 10 per cent working interest in the Renaissance joint venture. The French company had previously failed to reach a final agreement with an earlier prospective buyer.

The latest transaction displaced an earlier divestment arrangement involving Mauritius-based Chappal, which had previously acquired the deepwater interests of Norwegian energy company, Equinor, in Nigeria.

Vaaris is backed by prominent Nigerian petroleum industry leader and investor, Austin Avuru, who founded Platform Petroleum Limited and played a leading role in building Seplat Energy Plc, the London-listed indigenous energy company.

Avuru’s investment interests also extend to several gas companies and related projects across Nigeria.

He is equally associated with the development of a free zone designed to accommodate gas-based industries in Delta State, reflecting his broader interest in expanding domestic gas utilisation and building industrial value chains around the country’s natural gas resources.

The acquisition represents another major step in the expansion of indigenous participation in Nigeria’s oil and gas industry, particularly as international oil companies increasingly redirect capital towards deepwater developments and other assets aligned with their long-term investment strategies.

Despite transferring its equity in the 15 oil licences to Vaaris, TotalEnergies stated that it will retain its full economic interest in three gas licences including OMLs 23, 28 and 77 operated under the joint venture. The three licences currently account for 50 per cent of the gas supplied to Nigeria LNG, making them strategically important to the country’s gas export industry.

The retained gas interests indicate TotalEnergies’ continued exposure to Nigeria’s gas sector even as it reduces its direct participation in the joint venture’s oil assets.

The completion of the transaction came a day after Eni announced the sale of its Agip Energy and Natural Resources (AENR) subsidiary in Nigeria to Apex Global Energy, a company owned by Indian-owned Sterling Oil, one of Nigeria’s leading onshore operators.

In a statement issued on Monday, Eni said it had completed the sale of AENR as part of its strategy to optimise its upstream activities by rebalancing its portfolio and divesting non-strategic assets.

Eni did not disclose the financial terms of the transaction.

AENR is involved in onshore and shallow-water exploration and production in Nigeria and holds a five per cent interest in the Renaissance joint venture.

Eni said the divestment was consistent with its strategy of concentrating resources on assets considered more central to its upstream portfolio, including deepwater opportunities in Nigeria.

The transaction therefore mirrors TotalEnergies’ decision to transfer its onshore and shallow-water interests to an indigenous investor, reinforcing a broader industry trend in which international oil companies are disposing selected mature assets while retaining or expanding their exposure to deepwater and other strategic developments.

With the completion of both transactions, the Renaissance joint venture has moved closer to becoming an entirely Nigerian-owned enterprise, with indigenous investors holding the interests previously controlled by Shell, TotalEnergies and Eni.

Before the latest announcements, TotalEnergies held a 10 per cent interest in the joint venture, while Eni controlled the remaining five per cent stake among the partners other than the Nigerian National Petroleum Company Limited (NNPC) and Renaissance Africa Energy Company.

Renaissance Africa Energy Company operates the joint venture with a 30 per cent interest, while NNPC holds 55 per cent. The remaining interests were previously held by TotalEnergies and Eni, whose combined 15 per cent equity has now been transferred to Nigerian-linked ownership.

The deals mark a significant development in the evolution of the country’s petroleum industry, particularly following the transfer of Shell’s former onshore business to the Renaissance consortium.

The changes in ownership now tasks th capacity of indigenous operators to mobilise the capital, technology and technical expertise required to sustain production, develop reserves and maintain investment in Nigeria’s mature onshore and shallow-water oil fields.

The shift offers an opportunity to deepen domestic participation in petroleum operations, retain a greater share of industry earnings within the economy and strengthen the role of local investors in decisions affecting the development of the country’s hydrocarbon resources.

Analysts who spoke to Daily Champion point out that the long-term benefits would depend on the ability of the new owners to sustain production, improve operational efficiency, attract investment and overcome persistent challenges and the cost of operating in the Niger Delta.

Avuru’s involvement through Vaaris adds strong dimension to the changing context. His track record in building indigenous petroleum businesses, alongside investments in gas and related infrastructure, positions the transaction within a broader effort to expand Nigerian participation across the oil and gas value chain.

His interests in gas development and gas-based industrialisation are particularly relevant to Nigeria’s ambition to increase domestic gas utilisation, strengthen industrial capacity and derive greater economic value from its extensive natural gas resources.

Thus, the transfer of the oil interests to Vaaris, alongside Eni’s sale of AENR to Apex Global Energy, transcends reshuffling of equity among industry players and signals the growing influence of indigenous investors in the ownership and management of Nigeria’s upstream petroleum assets at a time when international operators are reassessing their portfolios and concentrating on selected growth opportunities.

Analysts point at increasing production and expanded activities coming from assets divested by international oil companies, demonstrating that increased Nigerian ownership translates into higher production, fresh capital investment, stronger local technical capacity and sustainable value creation for the country.