Italian energy company Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), to Apex Global Energy Limited, a subsidiary of Sterling Oil Exploration and Energy Production Company Limited (SEEPCO), as foreign oil firms continue to transfer onshore assets to Nigerian operators.
Eni announced the completion of the transaction on October 26, 2026, following approval by the relevant authorities. The financial terms of the deal were not disclosed.
AENR holds a five per cent interest in the Renaissance joint venture, which operates onshore oil assets previously managed by Shell Petroleum Development Company of Nigeria.
Renaissance Africa Energy Limited, which acquired SPDC’s assets in March 2025, operates the joint venture and holds a 30 per cent stake. The Nigerian National Petroleum Company Limited owns 55 per cent, while TotalEnergies held the remaining 10 per cent before announcing the sale of its interest to Vaaris Energy on October 27 for approximately $800 million.
Eni said the divestment was part of its strategy to streamline its portfolio and dispose of non-core assets. The company retains its deepwater operations in Nigeria and its interest in Nigeria LNG.
Sterling Oil, which is privately owned by the Sandesara family, operates Oil Mining Lease 143 in Anambra State. The company developed the Okwuibome field and has produced Okwuibome Blend crude oil since 2011.
The acquisition adds AENR’s five per cent interest in the Renaissance joint venture to Sterling Oil’s existing Nigerian operations. Renaissance, however, remains responsible for the day-to-day management of the joint venture’s assets.
The transaction is the latest in a series of divestments by international oil companies operating in Nigeria.
In August 2024, Eni sold its Nigerian Agip Oil Company subsidiary to Oando Plc for about $783 million. Seplat Energy completed its acquisition of Mobil Producing Nigeria from ExxonMobil in December 2024 in a deal valued at approximately $800 million.
Shell also completed the sale of SPDC to Renaissance in March 2025, while agreeing in October 2026 to sell Shell Nigeria Gas to Vaaris Energy.
The transactions reflect a continuing shift in ownership of Nigeria’s onshore oil assets towards indigenous operators, as some international companies restructure their portfolios and concentrate on other segments of the energy industry.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission has opened its 2026 licensing round, offering 40 oil and gas blocks to prospective investors.
The process requires bidders to disclose their beneficial ownership as part of efforts to strengthen transparency in the sector.
Source: tribuneonlineng.com