TotalEnergies has finalized an agreement to sell its 10% non-operated stake in Renais, previously known as the Shell Petroleum Development Company (SPDC), to Vaaris Resources. This deal comes after a previous attempt to sell the stake for $860 million fell through.

The divestment signals continued shifts in the ownership structure of Nigeria’s onshore oil ventures. TotalEnergies, like other international oil companies, is re-evaluating its portfolio in the region. Recall that SPDC recently rebranded to Renais after its acquisition by the Renaissance Africa Energy consortium.

Vaaris Resources, an indigenous energy company, is expanding its footprint in the Nigerian oil and gas sector through this acquisition. The company aims to leverage its local expertise to optimize production and contribute to the nation's energy security. This development follows increased participation of Nigerian companies in the upstream sector.

Market watchers believe this sale could pave the way for increased investment and operational efficiency in the divested assets. The increased indigenous participation could lead to better community relations and a more sustainable approach to resource management. The financial details of the transaction remain undisclosed.

This move by TotalEnergies reflects a broader trend of international oil companies streamlining their operations in Nigeria. The focus is shifting towards deepwater assets while enabling indigenous firms to take on a greater role in onshore production. The sale is subject to regulatory approvals and customary closing conditions.