- Eni has sold AENR to Sterling Oil subsidiary Apex Global Energy.
- The deal transfers a five per cent stake in the Renaissance joint venture.
- Nigeria’s 2026 licensing round offers 40 oil and gas blocks.
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).
The transaction, completed on October 26, 2026, after receiving regulatory approval, transfers Eni’s five per cent interest in the Renaissance joint venture to the Nigerian-owned energy group. The financial details of the deal were not disclosed.
The sale is the latest move by an international oil company to transfer its Nigerian onshore assets to a local operator, reflecting a continuing shift in ownership across the country’s oil and gas industry.
Sterling Oil expands its Nigerian portfolio
AENR holds a five per cent stake in the Renaissance joint venture, which operates onshore oil assets previously managed by Shell Petroleum Development Company of Nigeria.
Renaissance Africa Energy Limited acquired Shell’s former onshore business in March 2025 and operates the joint venture. It holds a 30 per cent interest, while the Nigerian National Petroleum Company Limited owns 55 per cent.
TotalEnergies previously held the remaining 10 per cent but announced on October 27, 2026, that it had agreed to sell its interest to Vaaris Energy for approximately $800 million.
With the latest transaction, Sterling Oil gains exposure to the Renaissance joint venture through AENR’s five per cent interest. However, Renaissance will continue to handle the day-to-day management of the assets.
Sterling Oil is privately owned by the Sandesara family and already operates Oil Mining Lease 143 in Anambra State. The company developed the Okwuibome field and has produced Okwuibome Blend crude oil since 2011.
Eni shifts focus to other operations
Eni said the divestment was part of its strategy to streamline its portfolio and dispose of assets that are no longer central to its business priorities.
The Italian company will, however, retain its deepwater operations in Nigeria and its interest in Nigeria LNG, maintaining a presence in the country’s energy industry.
The latest sale follows Eni’s August 2024 transaction involving its Nigerian Agip Oil Company subsidiary, which was acquired by Oando Plc for approximately $783 million.
Other international oil companies have also completed or announced major divestments in Nigeria. Seplat Energy completed its acquisition of Mobil Producing Nigeria from ExxonMobil in December 2024 in a deal valued at about $800 million.
Shell completed the sale of its onshore subsidiary, SPDC, to Renaissance in March 2025. In October 2026, the company also agreed to sell Shell Nigeria Gas to Vaaris Energy.
These transactions have gradually increased the participation of indigenous companies in the ownership and operation of Nigerian oil and gas assets, particularly in the onshore segment.
Nigeria opens 2026 licensing round
The transactions are taking place as Nigeria seeks to attract fresh investment into its upstream petroleum industry.
The Nigerian Upstream Petroleum Regulatory Commission has opened its 2026 oil and gas licensing round, offering 40 blocks to prospective investors.
As part of the bidding process, companies are required to disclose their beneficial ownership details. The requirement is intended to strengthen transparency and provide greater clarity about the individuals and entities behind participating companies.
The growing involvement of Nigerian operators in asset acquisitions, alongside the licensing round, forms part of the changing ownership and investment landscape in the country’s oil and gas sector.
