Italian Eni Divests Nigeria’s Onshore Assets, Takes Investments In Deepwater Horizon

Italian Energy giant Eni has completed the sale of Agip Energy and Natural Resources, the subsidiary holding its 5 per cent share of the onshore Renaissance joint venture, to Apex Global Energy, a company wholly owned by Sterling Oil Exploration and Energy Production Company. 

Eni, however confirms its investment in Nigeria through deep offshore assets and Nigeria LNG.

The onshore joint venture that Shell ran in the Niger Delta until March 2025 has a new 5 per cent 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 per cent, according to Eni, while NNPC holds 55 per cent and TotalEnergies 10 per cent, 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.

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.