TotalEnergies offloads oil stakes in Nigerian JV and sets up Middle East’s new trading player

January 14th, 2026

France’s energy giant TotalEnergies has taken steps to divest its oil interest in Renaissance joint venture (JV), formerly SPDC JV, licenses in Nigeria to Vaaris and breathe life into BxT Trading, a new trading company for petroleum products in the Middle East, with Bapco Energies.

Illustration; Source: TotalEnergies

TotalEnergies’ subsidiary, TotalEnergies EP Nigeria, has signed a sale and purchase agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria. This is an unincorporated joint venture between Nigerian National Petroleum Corporation (55%), Renaissance Africa Energy Company (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta.

The closing of the transaction is subject to customary conditions, including regulatory approvals. Thanks to this agreement, the French player’s Nigerian subsidiary will sell its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil. The production from these licenses represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.

The energy player will also transfer to Vaaris its 10% participating interest in the three other licenses of Renaissance JV, which are producing mainly gas, encompassing OML 23, OML 28 and OML 77, while retaining full economic interest in these licenses that currently account for 50% of Nigeria LNG gas supply.

This divestment comes over a month after the French energy heavyweight, which is also working to bolster its portfolio, opted to part with a partial stake in two exploration licenses offshore Nigeria, which Star Deep Water Petroleum Limited, a Chevron company, decided to buy.

Meanwhile, TotalEnergies and Bapco Energies are launching BxT Trading, an equally owned trading joint venture backed by flows from the latter’s refinery. The signing ceremony was witnessed by Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King of Bahrain for Humanitarian Works and Youth Affairs and Chairman of Bapco Energies, and Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, in Abu Dhabi.

As a new player in the Middle East, BxT Trading will support Bahrain’s oil industry by leveraging its downstream portfolio for maximizing value and broadening its access to global markets. With this joint venture, Bapco Energies is expected to benefit from the French giant’s global expertise in trading and develop advanced trading, pricing, analysis, and risk management capabilities.

Pouyanné emphasized: “We are happy about this new partnership with Bahrain and Bapco Energies, which strengthens our presence in the Middle East. BxT Trading reflects our long-standing commitment to act as a trusted partner in the region, dedicated to innovation, operational excellence and value creation.”

With BxT Trading, TotalEnergies is strengthening its trading position in the Middle East, where the firm already carries out activities, alongside its international hubs in Houston, Geneva and Singapore. This new initiative is said to enhance the trading teams’ responsiveness and agility, reinforcing their local footprint, which enables them to better address regional specificities.

Shaikh Nasser bin Hamad Al Khalifahighlighted: “The launch of BxT Trading reflects the Kingdom’s commitment to forging long-term strategic partnerships with leading global energy companies. BxT Trading represents a strategic step forward for Bapco Energies and the Kingdom of Bahrain.

“Through this partnership with TotalEnergies, we are enhancing our global trading capabilities, strengthening our downstream value chain, and reinforcing Bahrain’s position as a competitive and trusted player in the international energy markets.”