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An update from TotalEnergies SE ( (FR:TTE) ) is now available.
TotalEnergies has agreed to sell its 10% non-operated stake in 15 oil-producing licenses in Nigeria’s Renaissance joint venture to Vaaris, as part of a Sale and Purchase Agreement covering most of its interest in the former SPDC JV portfolio in the Niger Delta. The company will also transfer its 10% interest in three gas-focused licenses to Vaaris but will retain full economic interest in these assets, which currently supply half of the gas feedstock for Nigeria LNG, signaling a strategic shift away from direct ownership of certain oil assets while maintaining exposure to key gas revenues; the deal is subject to customary regulatory approvals.
More about TotalEnergies SE
TotalEnergies is a global integrated energy company active in around 120 countries, producing and marketing oil and biofuels, natural gas and green gases, renewables and electricity. In Nigeria, where it has operated for more than 60 years, the company employs over 1,800 people, is a major hydrocarbon producer with 209,000 barrels of oil equivalent per day in 2024, and runs a nationwide fuel distribution network of about 540 service stations, while emphasizing socio-economic development and engagement with local communities.
See more insights into TTE stock on TipRanks’ Stock Analysis page.