January 14, 2026 [Reuters]- French major TotalEnergies has signed an agreement to sell its 10% non-operated stake in the Nigerian onshore oil asset SPDC, renamed as Renaissance JV, to Vaaris, it said on Wednesday, after a failed sale last year to Mauritius-based Chappal Energies.

The deal includes stakes in three other licences producing mainly gas for Nigeria LNG, in which Total will retain full economic interest. It offered no further information about the new buyer.

Last year, Nigerian regulators blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to stump up the funds — dealing a blow to the French firm’s efforts to sell off mature, polluting assets and pay down debt.

SPDC has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.

Last year Shell sold its 30% stake in SPDC to a consortium of five mostly local companies for up to $2.4 billion.

The Nigerian National Petroleum Corporation (NNPC) holds 55% of the joint venture, while Italy’s Eni has 5%.

The deal is subject to approval by Nigerian regulators.