TEMPLARS has advised TotalEnergies EP Nigeria Limited (“TEPNG”) on the ongoing divestment of its 10% participating interest in a portfolio of onshore and shallow-water oil mining leases within the Nigerian National Petroleum Company Limited / Renaissance Africa Energy Company Limited joint venture (NNPCL / Renaissance JV) to indigenous energy company, Vaaris.
The NNPCL / Renaissance JV, formerly known as the NNPC / Shell JV, is an unincorporated joint venture between NNPCL (55%), Renaissance (30%), TEPNG (10%) and Agip Energy and Natural Resources Nigeria (5%).
Within the portfolio of 18 oil mining leases being divested, TEPNG will retain economic interest in 3 oil mining leases which produce mainly gas and account for about half of the feed gas to Nigeria LNG.
The sale and purchase agreement was signed on 13 January 2026, and completion is subject to customary conditions including regulatory approvals.
The TEMPLARS multidisciplinary team on the transaction was led by Partner, Dupe Dabiri with support from Senior Associate, Adebimpe MacGregor and Associates, Gracia Bonire and Theophilus Eke. Partner, Sesan Sulaiman and Senior Associate, Chibuike Ikefuna provided tax advice while Partner, Zelda Akindele provided competition law advice.
According to Managing Partner, Oghogho Akpata, “We are proud to have advised on yet another significant IOC divestment. This transaction along with four to five others that we have advised on over the past 18 months is a further testament to our position as a market leader in the areas of Oil & Gas and Mergers & Acquisitions in Nigeria. We congratulate our client and the buyer on achieving this milestone”.
Commenting further, Dupe Dabiri said, “We are delighted to continue to assist TotalEnergies on this significant, novel and market-defining transaction which reaffirms our unwavering commitment to providing strategic, cutting-edge legal solutions that deliver value for our clients”.
