CompleteEnergies has accomplished the sale of its 10% non-operated curiosity in oil licences held by the Renaissance three way partnership in Nigeria to Vaaris for $800 million.
The French power firm disclosed the completion of the transaction in a press assertion issued on Tuesday, October 27, 2026.
The growth comes greater than 9 months after CompleteEnergies introduced that its subsidiary, CompleteEnergies EP Nigeria, had signed a sale and buy settlement with Vaaris for its curiosity in the three way partnership’s licences.
CompleteEnergies completes $800 million oil divestment
CompleteEnergies mentioned the transaction was carried out by its subsidiary, CompleteEnergies EP Nigeria (TEPNG), transferring its 10% non-operated curiosity in the Renaissance three way partnership’s oil licences to Vaaris.
The firm confirmed the completion of the divestment in its assertion, highlighting the worth of the transaction and the belongings concerned.
- “TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of US$ 800 million.”
While the oil pursuits have been offered, CompleteEnergies mentioned it retains its full financial curiosity in the three way partnership’s three gasoline licences: OML 23, OML 28 and OML 77.
- According to the corporate, the three licences at present account for 50% of the gasoline provided to Nigeria LNG.
- The accomplished transaction due to this fact covers the corporate’s non-operated oil pursuits in the three way partnership, whereas its financial pursuits in the three gasoline licences stay unchanged.
The sale additionally concludes the transaction introduced in January 2026, underneath which CompleteEnergies agreed to switch its collaborating curiosity and related rights and obligations in 15 licences producing primarily oil.
CompleteEnergies’ earlier $860 million deal failed
The accomplished sale follows an earlier try by CompleteEnergies to divest its curiosity in the identical three way partnership, previously often known as the Shell Petroleum Development Company (SPDC) three way partnership.
- In July 2024, CompleteEnergies agreed to promote its 10% curiosity to Mauritius-based Chappal Energies for $860 million, however the transaction was not accomplished.
- In September 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew the approval granted for the transaction after the events failed to fulfill the monetary commitments required to finish it.
- Following the unsuccessful Chappal transaction, CompleteEnergies introduced a brand new sale and buy settlement with Vaaris on January 14, 2026.
Under the settlement, the French power firm was to switch its 10% collaborating curiosity and related rights and obligations in 15 licences producing primarily oil.
The $800 million transaction with Vaaris is $60 million decrease than the $860 million beforehand agreed with Chappal Energies, bringing the sooner divestment course of to a conclusion with a unique purchaser.
CompleteEnergies Nigeria returns to profitability
The divestment announcement comes as CompleteEnergies Marketing Nigeria Plc, a individually listed petroleum advertising firm, reported a return to profitability in the primary 9 months of 2026.
Its unaudited monetary statements confirmed a pre-tax revenue of N8.02 billion for the period ended September 30, in contrast with a pre-tax lack of N11.92 billion in the corresponding interval of 2025.
- Revenue grew by 12.65% to N661.92 billion from N587.59 billion, whereas revenue after tax stood at N5.84 billion, reversing a N14.10 billion loss recorded a yr earlier.
- The firm’s earnings restoration was supported by elevated petroleum product gross sales, stronger working earnings and decrease financing bills, with finance prices declining by 40.13% through the interval.
- Despite the restoration, third-quarter pre-tax revenue of N1.31 billion was about half the N2.62 billion administration had projected, though income exceeded its forecast.
- On the Nigerian Exchange, the advertising firm’s shares remained unmoved at N518.40 on October 27, representing a 19% decline from their opening worth of N640.00 for the yr.
The inventory had additionally fallen by 10% from September 24 to the time of the market report, regardless of the corporate’s improved nine-month monetary efficiency.
