Italian energy major Eni has completed the sale of its wholly owned Nigerian upstream subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), to Apex Global Energy Limited. Apex is a wholly owned subsidiary of Sterling Oil Exploration and Energy Production Company Ltd (Sterling), one of the primary onshore oil and gas operators in Nigeria.
AENR holds a 5 per cent interest in the Renaissance Joint Venture, operating alongside partners Renaissance (30 per cent, operator), TotalEnergies (10 per cent), and the Nigerian National Petroleum Company Limited (NNPC, 55 per cent). The subsidiary manages a portfolio of onshore and shallow-water hydrocarbon exploration and production assets.
The transaction has received approval from all relevant regulatory authorities and aligns directly with Eni’s strategy to optimise its global upstream portfolio through the divestment of non-core assets. Eni will maintain a strategic presence in Nigeria, focusing future capital allocation on deepwater offshore exploration and development projects, as well as preserving its equity stake in Nigeria LNG.
The deal allows buyer Sterling to expand its operating footprint across domestic onshore and shallow-water production basins. Meanwhile, Eni continues its global asset rationalisation program to rebalance capital towards high-margin offshore developments and low-carbon energy ventures.
