By Prosper Mugambi, in Port Harcourt
There are strong indications that TOTALEnergies is close to signing a Sale and Purchase Agreement with an SPV named VAARIS for its 10% equity in the Renaissance Africa/NNPC/ENI/TOTAL Joint Venture, covering 18 oil mining leases (OMLs) in onshore and shallow water eastern, central and western Niger Delta basin.
VAARIS was the reserved bidder in the bid process to purchase the asset from TOTAL, coming second after Chappal Energies who won the bid.
TOTAL and Chappal did not close the transaction even after they had both received regulatory approval for the sale and purchase
