French major, TotalEnergies, yesterday announced that it had signed a Sale and Purchase Agreement (SPA) to sell its 10 per cent non-operated stake in the Nigerian onshore oil asset formerly owned by SPDC, now renamed Renaissance.
The asset will now be sold to Vaaris, it said. The transaction is coming after a failed sale last year to Mauritius-based Chappal Energies.
Last year, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it had blocked Total’s initial $860 million deal with Chappal Energies for the SPDC stakes, due to the buyer’s inability to eventually raise the needed funds.