Italian energy company Eni has completed the sale of its wholly owned Nigerian subsidiary, 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 Limited (SEEPCo).
The transaction transfers Eni’s entire 100% shareholding in AENR to Apex, including the subsidiary’s 5% participating interest in the Renaissance Joint Venture (JV), which holds interests in onshore and shallow-water oil and gas assets in Nigeria.
Eni announced completion on 26 October 2026, following the receipt of all relevant regulatory approvals. The financial terms of the transaction were not disclosed.
AENR’s interest in the Renaissance JV was held alongside Nigerian National Petroleum Company Limited (NNPC), Renaissance Africa Energy Company and TotalEnergies. Before the recent divestments, NNPC held a 55% participating interest, Renaissance held 30% and acted as operator, while TotalEnergies and AENR held 10% and 5%, respectively.
The Renaissance JV was formerly operated by Shell through its subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC). Shell completed the sale of its Nigerian onshore subsidiary to the Renaissance consortium in March 2025, transferring its 30% participating interest and operatorship. The consortium includes Nigerian energy companies ND Western, Aradel Energy, FIRST Exploration and Petroleum Development Company and Waltersmith, alongside international energy group Petrolin.
The AENR transaction is part of a broader reorganisation of ownership in the Renaissance JV. On 27 October 2026, TotalEnergies completed the sale of its 10% non-operated interest in the venture to Vaaris Resources JVCo for US$800 million. The disposal covered its participating interest in the JV’s oil-producing licences and three gas licences. TotalEnergies retained its full economic interest in the gas assets under OML 23, OML 28 and OML 77, which supply approximately half of the gas required by Nigeria LNG.
Eni’s sale of AENR follows its earlier divestment of Nigerian Agip Oil Company (NAOC) to Oando Energy Resources, completed in August 2024 for US$783 million. That transaction involved Eni’s operated interests in a broader portfolio of Nigerian onshore and shallow-water assets.
Following the AENR disposal, Eni said it would maintain its presence in Nigeria through exploration and development activities involving deepwater offshore assets and its participation in Nigeria LNG. The company described the divestment as part of its strategy to rebalance its upstream portfolio and exit non-strategic assets.
Transaction Advisers
Eni was advised by Bracewell (UK) LLP as legal counsel and Lazard as financial adviser. Bracewell’s team included Partner Adam Blythe, Senior Associates Adam Quigley and Catherine Grant, and Associates Rachel Strickland and Ashleigh Campbell.
Apex Global Energy was advised by TEMPLARS. The transaction team was led by Deputy Managing Partner Chike Obianwu and Partner Dupe Dabiri, supported by Senior Associate Adebimpe MacGregor and Associates Mariam Adebayo and Feranmi Abodunrin.
Dispute resolution support was provided by Partners Emmanuel Gbahabo and Igonikon Adekunle, SAN, Managing Counsel Orji Uka, and Associates Uzoamaka Ikpeazu and Adedayo Adegbola. TEMPLARS’ competition law team, led by Partner Zelda Akindele and supported by Adebimpe MacGregor, also advised on the transaction.
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