Divestment: TotalEnergies, Eni sell Nigeria oil assets to Vaaris, Apex

By Adewale Sanyaolu
Nigeria’s onshore oil sector suffered another major shake-up yesterday as French energy giant TotalEnergies and Italian oil major Eni completed separate deals to divest their interests in the Renaissance Joint Venture (JV), formerly known as the Shell Petroleum Development Company (SPDC) JV, deepening the retreat of international oil companies (IOCs) from the Niger Delta’s onshore assets.
While TotalEnergies sold its 10 per cent non-operated interest in the Renaissance Joint Venture (JV) stake to Vaaris for $800 million, Eni completed the sale of its subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), which holds a five per cent interest in the ...