TotalEnergies has reached an agreement to sell its 10 per cent non-operated interest in Nigeria’s onshore oil project, formerly Shell Petroleum Development Company and now called the Renaissance Joint Venture, to Vaaris Resources.

The company announced the deal on its website on Wednesday.

This sale represents TotalEnergies’ second effort to divest the asset, after a planned $860 million sale to Mauritius-based Chappal Energies was blocked by regulators in 2025.

Nigerian regulators had raised concerns about the financial capacity of the previous buyer, a decision that derailed TotalEnergies’ plans to exit ageing onshore assets and limit its exposure to operational and security risks.

Under the new agreement, TotalEnergies will sell its 10% interest in the Renaissance Joint Venture to Vaaris Resources, a relatively new entrant in Nigeria’s upstream oil and gas industry.

Corporate filings show that Vaaris Resources JV Co. Limited was incorporated in Nigeria on December 22, 2025.

TotalEnergies did not disclose the value of the transaction, nor did it provide details on the company’s ownership structure or funding arrangements.

TotalEnergies’ proposed exit underscores the growing retreat of international oil companies from Nigeria’s onshore oil industry, as security challenges and environmental risks continue to weigh on profitability.

The decision follows a similar move by Shell, which last year sold its 30 per cent stake in SPDC to a consortium largely made up of indigenous companies in a transaction valued at up to $2.4 billion.