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 company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd. Eni announced the deal in a statement on Monday, October 26, 2026, describing Sterling Oil as one of Nigeria’s leading onshore oil and gas operators. The sale marks another step in the transfer of Nigeria’s onshore oil and gas assets from international oil companies (IOCs) to indigenous operators.
Eni said the transaction received approval from all relevant authorities. The company explained that the sale supports its strategy to streamline its upstream operations by adjusting its portfolio and selling assets that no longer fit its core business priorities.
In its statement, Eni confirmed that it had completed the sale of AENR to Apex Global Energy Limited, which is wholly owned by Sterling Oil Exploration and Energy Production Company Ltd.
Eni also stated that the transaction received all necessary regulatory approvals and forms part of its plan to focus its upstream activities on strategic assets.
Despite the sale, Eni will retain its presence in Nigeria through the exploration and development of deep offshore oil and gas assets and its participation in Nigeria LNG.
AENR, previously a wholly owned subsidiary of Eni, operates in Nigeria’s onshore and shallow-water oil and gas exploration and production sector.
The company holds a 5% interest in the Renaissance Joint Venture (JV). Renaissance operates the venture with a 30% stake, while TotalEnergies holds 10% and the Nigerian National Petroleum Company Limited (NNPC) owns the remaining 55%.
The sale transfers Eni’s 5% interest in the venture to Apex Global Energy, a Nigerian-owned company under Sterling Oil. However, the transaction does not necessarily change the existing joint venture structure.
The deal comes as international oil companies continue to sell onshore and shallow-water assets in Nigeria, creating opportunities for indigenous companies to expand their operations in the upstream oil and gas sector.
Several major deals have driven this shift in recent years. In March 2025, Renaissance Africa Energy completed its $2.4 billion acquisition of Shell Petroleum Development Company’s onshore assets, taking over Shell’s 30% interest in the joint venture.
In December 2024, Seplat Energy completed its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil. The deal included four oil mining leases, export terminals, and gas processing plants.
In August 2024, Oando Plc completed its $783 million acquisition of Nigerian Agip Oil Company (NAOC), another subsidiary of Eni.
These transactions highlight the growing role of Nigerian-owned companies in the country’s onshore oil and gas industry, as international operators increasingly focus on offshore and deepwater projects.
source:nairametrics.com
African Energy Council