TotalEnergies Sells Stake in Nigerian Oil Project to New Company
French energy company TotalEnergies announced the signing of an agreement to sell its 10 percent stake in the Nigerian onshore oil project formerly known as the Nigerian Petroleum Development Company, now renamed Renaissance, to a firm called Faries.
The deal follows the collapse of a previous agreement last year with Chappal Energies after the latter failed to secure the required financing.
The transaction also includes interests in three other licenses mainly producing gas for the Nigerian LNG project, while Total retains all its economic interests in that sector.
Corporate records show that Faries Resources JV Ltd was established in Nigeria in late December 2025, and Total did not disclose further details about the buyer.
Nigerian authorities had rejected an earlier $860 million deal due to financing concerns, hindering Total’s efforts to exit aging assets and reduce debt.
The project’s ownership structure includes a 55 percent stake held by the national oil corporation and 5 percent by Italy’s Eni, with the new deal still subject to regulatory approval.
The deal follows the collapse of a previous agreement last year with Chappal Energies after the latter failed to secure the required financing.
The transaction also includes interests in three other licenses mainly producing gas for the Nigerian LNG project, while Total retains all its economic interests in that sector.
Corporate records show that Faries Resources JV Ltd was established in Nigeria in late December 2025, and Total did not disclose further details about the buyer.
Nigerian authorities had rejected an earlier $860 million deal due to financing concerns, hindering Total’s efforts to exit aging assets and reduce debt.
The project’s ownership structure includes a 55 percent stake held by the national oil corporation and 5 percent by Italy’s Eni, with the new deal still subject to regulatory approval.