Eni plans to sell its remaining 5% stake in the Renaissance Africa Energy joint venture in Nigeria.
The company said it will keep the identity of the buyer and the value of the deal confidential for now. Eni also said the preferred bidder will go through a detailed due diligence process, including checks on reputational risks.
Several Nigerian and international companies submitted bids for the stake. Nigerian firm Sterling Oil Exploration and Energy Production Company is currently seen as the leading contender.
Eni owns the stake through its subsidiary Agip Energy and Natural Resources Nigeria Limited, which has operated in the country for many years. The asset is one of the company’s last remaining onshore holdings in the Niger Delta.
The planned sale forms part of the wider exit of Western oil companies from Nigeria’s onshore oil sector, a shift that has gained pace in recent years.
In March 2025, Shell completed the $2.4 billion sale of SPDC to the Renaissance Africa Energy Company consortium after receiving approval from Nigerian authorities.
TotalEnergies later agreed to sell its 10% stake in the same joint venture to Vaaris Resources JV Co Ltd in January 2026.
With Eni preparing to leave, the joint venture’s three main foreign partners have now moved to exit the project.
Analysts have linked the departure of international oil companies from Nigeria’s onshore sector to regulatory challenges, foreign exchange constraints, crude theft, and pipeline vandalism. Nigerian regulators previously estimated losses from crude theft and vandalism at more than $3.3 billion between January 2021 and February 2022.
The Renaissance joint venture includes 18 production licenses in the Niger Delta. The assets hold estimated reserves of 6.73 billion barrels of oil and condensates, along with 56.3 trillion cubic feet of gas.
source:www.ecofinagency.com
African Energy Council