Italian energy major Eni has confirmed it is actively seeking to divest its 5% working interest in the Renaissance Joint Venture (formerly the Shell Petroleum Development Company JV) in Nigeria.
In written responses to shareholder questions ahead of Eni’s annual general meeting on May 6, 2026, the company stated that the sale process is underway, with multiple bids received from Nigerian and foreign companies. Eni declined to name the prospective buyer or disclose the transaction value, citing confidentiality.
Media reports earlier this year had identified Sterling Oil Exploration and Energy Production Company (SEEPCO), owned by Indian brothers Nitin and Chetan Sandesara, as the frontrunner for Eni’s stake. Eni acknowledged awareness of allegations reported in the Nigerian press concerning SEEPCO and its owners but emphasized that any buyer would undergo a full due diligence process, including reputational risk assessment.
Eni further noted that prospective purchasers would be subject to “fit and proper” checks, with additional scrutiny from international financial institutions providing financing via Know Your Customer (KYC) procedures.
Renaissance JV Background
The Renaissance JV is a major onshore oil and gas partnership in the Niger Delta, comprising 18 licenses. Its current structure includes:
- Nigerian National Petroleum Company Limited (NNPCL) – 55%
- Renaissance Africa Energy Company Limited – 30% (operator)
- TotalEnergies – 10%
- Eni (Agip) – 5%
In March 2025, a Nigerian consortium led by Renaissance acquired Shell’s former 30% operating stake, rebranding the entity. TotalEnergies separately agreed in January 2026 to sell its 10% non-operated interest to Vaaris. The divestments reflect the broader trend of international oil majors exiting or reducing exposure to Nigeria’s onshore assets amid security challenges, oil theft concerns, and a shift toward deepwater and renewable investments.
Eni’s responses to shareholders stressed that the final buyer selection would prioritize compliance with the company’s governance standards on reputational and integrity risks. No timeline for deal completion has been disclosed.
Posts
