TotalEnergies has completed an $800 million sale of its 10 per cent interest in 15 Nigerian oil licences to Vaaris, concluding a divestment process that failed to materialise under an earlier agreement with Chappal Energies.
TotalEnergies announced the completion in a statement on Tuesday, October 27, 2026, following a sale and purchase agreement signed in January 2026.
Despite the sale of its oil interests, the company retains its full economic interest in three gas licences held by the joint venture: OML 23, OML 28 and OML 77. TotalEnergies said the licences account for 50 per cent of the gas supplied to Nigeria LNG.
The transaction marks the conclusion of an earlier attempt to sell the same interest to Chappal Energies. In July 2024, TotalEnergies agreed to dispose of its 10 per cent stake for $860 million, but the deal was not completed.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew its approval for the Chappal transaction in September 2025 after the parties failed to meet the financial commitments required to complete the sale.
TotalEnergies subsequently reached an agreement with Vaaris on January 14, 2026, for the transfer of its participating interest in 15 licences producing mainly oil.
The completed $800 million deal is $60 million lower than the consideration agreed under the earlier Chappal transaction, representing a reduction of about 7 per cent. The available information does not specify the factors behind the difference in the transaction values.
The divestment reshapes TotalEnergies’ exposure to Nigeria’s upstream oil sector while preserving its economic interests in gas assets linked to the country’s liquefied natural gas supply chain.
The transaction also comes amid ongoing changes in Nigeria’s petroleum industry, where asset ownership, regulatory approvals and investment decisions influence the development of oil and gas resources.
Separately, TotalEnergies Marketing Nigeria Plc, a listed petroleum products marketing company, reported improved financial performance in the first nine months of 2026.
The company recorded a pre-tax profit of N8.02 billion for the period ended September 30, reversing a pre-tax loss of N11.92 billion in the corresponding period of 2025.
Revenue increased by 12.65 per cent to N661.92 billion from N587.59 billion, while profit after tax stood at N5.84 billion, compared with a loss of N14.10 billion a year earlier.
The recovery was supported by higher petroleum product sales, stronger operating earnings and a 40.13 per cent decline in finance costs.
However, third-quarter pre-tax profit of N1.31 billion was below management’s projection of N2.62 billion, although revenue exceeded its forecast.
On the Nigerian Exchange, shares of TotalEnergies Marketing Nigeria closed unchanged at N518.40 on October 27, 2026, representing a 19 per cent decline from their opening price of N640.00 at the beginning of the year.
