TotalEnergies completes $800M oil divestment to Vaaris as Marketing Nigeria returns to profit
TotalEnergies has finalised the sale of its 10% non-operated interest in the Renaissance joint venture's oil licences to Vaaris for $800 million, the French energy giant confirmed Tuesday. The transaction, executed through subsidiary TotalEnergies EP Nigeria, covers 15 licences producing mainly oil, while TotalEnergies retains full economic interest in three gas licences — OML 23, OML 28, and OML 77 — which supply 50% of gas to Nigeria LNG.
The deal closes a turbulent divestment process that began with a $860 million agreement with Chappal Energies in July 2024. The Nigerian Upstream Petroleum Regulatory Commission withdrew approval in September 2025 after parties missed financial commitments, paving the way for the Vaaris agreement signed January 14, 2026.
Separately, TotalEnergies Marketing Nigeria Plc posted a pre-tax profit of ₦8.02 billion for the first nine months of 2026, reversing a ₦11.92 billion loss a year earlier. Revenue rose 12.65% to ₦661.92 billion, driven by higher product sales and 40% lower finance costs. Yet the stock trades at ₦518.40 — down 19% from its January open of ₦640 — suggesting investors remain cautious despite the earnings recovery.
With TotalEnergies reshaping its Nigerian upstream portfolio while its downstream arm recovers, will the completed divestment signal renewed foreign confidence in Nigeria's oil sector, or does the share price tell a different story?