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Sterling Oil takes over Eni’s Nigerian onshore oil stake AENR, joins Renaissance JV – MEDIA TODAY
Sterling Oil takes over Eni’s Nigerian onshore oil stake AENR, joins Renaissance JV – MEDIA TODAY
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Sterling Oil takes over Eni’s Nigerian onshore oil stake AENR, joins Renaissance JV
Italian energy company Eni has completed the sale of Agip Energy and Natural Resources (Nigeria) Limited (AENR) to Apex Global Energy Limited, a wholly owned subsidiary of Sterling Oil Exploration and Energy Production Company Ltd (SEEPCO). The sale ends Eni’s participation in the onshore joint venture formerly operated by Shell.
In a statement issued from San Donato Milanese on 26 October, Eni said the transaction had been approved by all relevant authorities and completed at an undisclosed price. Eni described Sterling Oil as “one of Nigeria’s leading operators in the onshore sector”.
The onshore joint venture that Shell ran in the Niger Delta until March 2025 has a new 5% partner in Apex Global Energy, after Eni said on 26 October that it had completed the sale of its subsidiary Agip Energy and Natural Resources (AENR) to the company.
Renaissance operates the joint venture with 30%, according to Eni, while NNPC holds 55% and TotalEnergies 10%, and every relevant authority has approved the sale, for which Eni gave no price.
Apex is wholly owned by Sterling Oil Exploration and Energy Production Company, which Eni describes as one of Nigeria’s leading onshore operators, and Sterling operates the OML 143 licence in Anambra State.
Eni sold another Nigerian subsidiary, the Nigerian Agip Oil Company, to Oando for $783 million in a deal completed in August 2024, seven months before Shell completed the sale of its own onshore subsidiary to Renaissance, the consortium that now runs the venture.
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From here Eni’s Nigerian business rests on deep offshore exploration and development and its participation in Nigeria LNG, the company said, in line with a strategy of rebalancing its upstream portfolio and selling assets it does not consider strategic.
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