Italian energy company Eni has completed the sale of Agip Energy and Natural Resources (Nigeria) Limited to Apex Global Energy Limited, a subsidiary of Sterling Oil Exploration and Energy Production Company. The company said the transaction received the required regulatory approvals, although the purchase price was not disclosed.
The divested subsidiary holds a five percent interest in the Renaissance joint venture, which operates Nigerian onshore and shallow-water assets. The other interests are held by the Nigerian National Petroleum Company Limited at 55 percent, Renaissance at 30 percent and TotalEnergies at 10 percent.
Eni described the disposal as part of a strategy to rebalance its upstream portfolio and exit assets considered non-core. It said it would remain active in Nigeria through deep offshore exploration and development and its interest in Nigeria LNG.
The sale adds to a wider shift in the petroleum industry as multinational companies transfer mature Nigerian assets to local operators. Eni previously sold Nigerian Agip Oil Company to Oando, while other major transactions have involved Seplat Energy and Renaissance.
For the new owners, the challenge extends beyond acquiring production interests to maintaining aging infrastructure, improving output, meeting environmental obligations and managing security risks. The deal therefore marks another change in ownership, not a withdrawal of the assets from the joint venture.
