Italian energy giant Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), to Apex Global Energy Limited, which is wholly owned by Sterling Oil Exploration and Energy Production Company Ltd. Eni disclosed the transaction in a statement issued on Monday, October 26, 2026, describing Sterling Oil as one of Nigeria’s leading onshore operators. The transaction marks another milestone in the gradual transfer of Nigerian onshore oil assets from international oil companies (IOCs) to indigenous operators.
Eni said the transaction had received approval from all relevant authorities and aligned with its strategy to optimise upstream operations by rebalancing its portfolio and divesting non-core assets.
The statement said:
“Eni announces that it has completed the sale of its subsidiary Agip Energy and Natural Resources (Nigeria) Limited to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd, one of Nigeria’s leading operators in the onshore sector.
“The transaction, which has received approval from all relevant authorities, is in line with Eni’s strategy to optimize its upstream activities by rebalancing the portfolio and divesting non-strategic assets.”
Eni said it would maintain its presence in Nigeria through exploration and development of deep offshore assets, as well as its participation in Nigeria LNG.
“Eni will continue to maintain a presence in the country through exploration and development of deep offshore assets as well as through its participation in Nigeria LNG,” the company added.
Agip Energy and Natural Resources (Nigeria) Limited, a wholly owned subsidiary of Eni, is engaged in onshore and shallow-water hydrocarbon exploration and production in Nigeria.
The company holds a 5% stake in the Renaissance Joint Venture (JV), alongside Renaissance, the operator with a 30% interest; TotalEnergies, which holds 10%; and the Nigerian National Petroleum Company Limited (NNPC), which owns the remaining 55%.
The sale transfers Eni’s interest to Apex Global, a Nigerian-owned company under Sterling Oil, without necessarily changing the existing joint venture structure.
The transaction comes amid a broader shift in Nigeria’s upstream petroleum sector, as international oil companies divest onshore and shallow-water assets while indigenous energy firms expand their participation in production.
Several major transactions have marked this shift in recent years.
In March 2025, Renaissance Africa Energy completed its $2.4 billion acquisition of Shell Petroleum Development Company’s onshore assets after acquiring Shell’s 30% interest in the joint venture.
In December 2024, Seplat Energy completed its $1.28 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil, including four oil mining leases, export terminals and gas plants.
In August 2024, Oando Plc completed its $783 million acquisition of Eni’s subsidiary, Nigerian Agip Oil Company (NAOC).
These transactions reflect the growing role of indigenous operators in Nigeria’s onshore oil and gas industry as international companies increasingly focus on offshore and deepwater operations.
In July 2024, Nairametrics reported that Eni had received approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell Nigerian Agip Oil Company to Oando.
NAOC focuses on onshore oil and gas exploration and production, as well as power generation in Nigeria.
Eni’s decision to sell its Nigerian subsidiaries forms part of a wider strategy among international oil companies to reduce exposure to onshore assets and concentrate more on offshore and deepwater operations.
However, the earlier NAOC transaction excluded Eni’s 5% stake in the Shell Petroleum Development Company Joint Venture, which the company said would remain in its portfolio.
The latest sale of AENR to Sterling-owned Apex Global represents another change in ownership within Nigeria’s upstream oil sector, while Eni has indicated that it will continue its offshore exploration and development activities and maintain its participation in Nigeria LNG.
