TEMPLARS Advises on Two Landmark Upstream Transactions with TotalEnergies and ENI

TotalEnergies’ Divestment to Vaaris

TEMPLARS advised TotalEnergies EP Nigeria on its US$800 million divestment of 10% participating interest in the Renaissance JV to Vaaris Resources JVCo.

SEEPCo’s Acquisition of ENI’s AENR

TEMPLARS also advised Apex Global Energy, a wholly owned subsidiary of Sterling Oil Exploration and Energy Production Company (SEEPCo), on its acquisition of 100% of the issued shares in Agip Energy and Natural Resources (AENR), which holds a 5% participating interest in the Renaissance JV.

Deal Teams

The SEEPCo Acquisition was led by Deputy Managing Partner, Chike Obianwu and Partner, Dupe Dabiri, with support from Senior Associate, Adebimpe MacGregor and Associates, Mariam Adebayo and Feranmi Abodunrin. Dispute Resolution support was provided by Partners, Emmanuel Gbahabo and Igonikon Adekunle, S.A.N., Managing Counsel, Orji Uka and Associates, Uzoamaka Ikpeazu and Adedayo Adegbola.

The TotalEnergies Divestment was led by Partner, Dupe Dabiri, with support from Senior Associate, Adebimpe MacGregor and Associates, Adefunlola Adele-Adewole and Ajoke Bodunde. Tax support was provided by Partner, Sesan Sulaiman.

The Competition law team that advised on both transactions was led by Partner, Zelda Akindele with support from Senior Associate, Adebimpe MacGregor.

Commenting on the transactions, TEMPLARS’ Managing Partner, Oghogho Akpata, said:

“As ownership of Nigeria’s oil and gas assets continues to change hands, clients need advisers who can navigate the legal, regulatory and commercial complexities from both sides of the table.

Advising a divesting international major and an acquiring Nigerian independent on two separate transactions within the same joint venture, closing just days apart, speaks to the depth of TEMPLARS’ upstream expertise.

We are proud to have supported our clients on these important transactions and to continue to play a key role in the development of Nigeria’s energy sector“.