In short: two of the three foreign partners left in Nigeria’s largest onshore oil joint venture have now sold out to Nigerian buyers. TotalEnergies has completed the sale of its 10% interest in the Renaissance joint venture to Vaaris for US$800 million, and SEEPCo has bought Eni’s Nigerian subsidiary, which holds 5%. One Lagos firm, TEMPLARS, acted on both deals, for the seller in one and the buyer in the other.
What happened
- TotalEnergies to Vaaris. TotalEnergies EP Nigeria has completed its US$800 million divestment of a 10% participating interest in the Renaissance joint venture, formerly the Shell Petroleum Development Company joint venture, to Vaaris Resources JVCo. The sale agreement was signed on 13 January 2026.
- Eni to SEEPCo. Apex Global Energy, a wholly owned subsidiary of Sterling Oil Exploration and Energy Production Company (SEEPCo), has acquired 100% of the shares in Agip Energy and Natural Resources (AENR), which holds a 5% participating interest in the same joint venture. The price was not disclosed.
- Timing. TEMPLARS announced both completions on 28 October 2026 and said the two deals closed days apart.
Why it matters
The joint venture was historically held 55% by NNPC, 30% by Shell, 10% by TotalEnergies and 5% by Agip, Eni’s Nigerian unit. Shell’s 30% operating stake passed to Renaissance Africa Energy, a consortium of Nigerian and international independents, in a US$2.4 billion deal that is on The Meridian’s record. With TotalEnergies and Eni now out, every non-state interest in the joint venture is held by a company that bought in during the past two years.
Vaaris is the name to watch. Two weeks before the Renaissance completion, Shell agreed to sell Shell Nigeria Gas, its domestic gas distribution business, to Vaaris Energy. In a single month, Vaaris has taken on an upstream interest from one international major and agreed to buy a midstream gas business from another.
Who advised
TEMPLARS advised TotalEnergies, the seller, on the Vaaris deal, with a team led by partner Dupe Dabiri, tax support from partner Sesan Sulaiman, and senior associate Adebimpe MacGregor. On the AENR acquisition it advised the buyer, Apex Global Energy, with a team led by deputy managing partner Chike Obianwu and partner Dupe Dabiri, and dispute resolution support from partners Emmanuel Gbahabo and Igonikon Adekunle SAN. Partner Zelda Akindele led the competition work on both deals.
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Counsel to Vaaris and to Eni were not named in the announcement. If you acted on either side, submit the matter and the record will be updated once it is checked.
What to watch
- Whether the Shell Nigeria Gas sale to Vaaris receives its regulatory approvals and closes.
- How the new owners fund their share of joint venture spending and decommissioning obligations.
- Whether more onshore interests held by international companies come to market.
Both Renaissance deals and the Shell Nigeria Gas sale are on the Transactions Tracker, with their sources.
Sources: TEMPLARS, 28 October 2026; ThisDay, 13 October 2026.
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