Italian energy giant, Eni, has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Limited.
The transaction marked another pedestal in the gradual transfer of International Oil Companies (IOCs) Nigerian onshore interests to indigenous operators.
Eni announced the completion of the transaction on Monday in a statement, following approval by all relevant authorities, although it did not disclose the financial terms of the deal.
AENR holds a 5 per cent interest in the Renaissance Joint Venture (JV) which operates onshore and shallow-water oil and gas assets in Nigeria. The transaction transfers Eni’s interest in the venture to Apex, strengthening Sterling’s presence in the country’s upstream petroleum industry.
The transaction comes amid a wider restructuring of the Nigerian oil and gas industry, with several international oil companies selling onshore and shallow water assets to indigenous operators while retaining or expanding their interests in deepwater production and gas-related businesses.
The development has accelerated the emergence of Nigerian independent producers as major operators, even as the new owners continue to invest in ageing infrastructure, address oil theft and pipeline sabotage, and meet environmental obligations in the Niger Delta.
In the statement announcing the completion, Eni said the transaction was consistent with its strategy of “optimising its upstream activities by rebalancing the portfolio and divesting non-strategic assets.”
The Italian company, however, stressed that the sale did not represent a complete withdrawal from Nigeria, adding that it would continue to maintain a presence in the country through its offshore operations and participation in Nigeria LNG Limited (NLNG).
“Eni will continue to maintain a presence in the country through exploration and development of deep offshore assets as well as through its participation in Nigeria LNG,” the company stated.
Under the Renaissance joint venture structure, Renaissance holds a 30 per cent interest and serves as operator, while the Nigerian National Petroleum Company Limited (NNPC) holds 55 per cent and TotalEnergies has a 10 per cent interest. AENR previously held the remaining 5 per cent.
The sale therefore transfers Eni’s minority interest to the Nigerian-owned company operating through Sterling, rather than removing the assets from the existing joint venture arrangement.
Eni’s latest transaction followed its earlier exit from Nigerian onshore operations through the sale of Nigerian Agip Oil Company (NAOC) to Oando Plc, completed in August 2024 amid several other divestments that have taken place in the last few years.
At the time, Oando announced that it had completed the acquisition of 100 per cent of NAOC, in a transaction valued at approximately $783 million. The acquisition expanded the indigenous energy company’s interests in oil and gas production, gas processing and power generation, while increasing its exposure to the Niger Delta.
Besides, in December 2024, Seplat Energy completed its $800 million acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, taking over the company’s operated offshore assets. The acquisition significantly expanded Seplat’s production base and established it as a much larger player in Nigeria’s upstream industry.
Shell also completed the sale of its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance in March 2025, following regulatory approval.
The transfer of these assets to indigenous companies has altered the ownership landscape of Nigeria’s oil industry, with local operators assuming greater responsibility for mature fields and infrastructure previously controlled by multinational companies.
The federal government has supported the transfer of assets to operators capable of sustaining production and increasing investment, and has under the Bola Tinubu administration begun the acceleration of regulatory approval.
“Eni announces that it has completed the sale of its subsidiary Agip Energy and Natural Resources (Nigeria) Limited (AENR) to Apex Global Energy Limited (APEX), a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd (Sterling), one of Nigeria’s leading operators in the onshore sector.
“AENR, a wholly owned subsidiary of Eni, is engaged in onshore and shallow water hydrocarbon exploration and production in Nigeria, holding a 5 per cent share in the Renaissance JV (Renaissance 30 per cent, operator; TotalEnergies 10 per cent; and Nigerian National Petroleum Company Limited “NNPC” 55 per cent).
“The transaction, which has received approval from all relevant authorities, is in line with Eni’s strategy to optimise its upstream activities by rebalancing the portfolio and divesting non-strategic assets.
“Eni will continue to maintain a presence in the country through exploration and development of deep offshore assets as well as through its participation in Nigeria LNG,” the statement added.
Emmanuel Addeh
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