Italian energy company Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources, to Apex Global Energy, transferring its five per cent interest in the Renaissance joint venture to the Sterling Oil Exploration and Energy Production Company subsidiary.
Eni announced the completion of the transaction on Monday, October 26, following approval from all relevant authorities. The company did not disclose the sale price.
The deal gives Apex a stake in the onshore oil and gas venture operating in the Niger Delta, which was previously managed by Shell before the transfer of its onshore business to the Renaissance consortium in March 2025.
The Renaissance joint venture comprises the Nigerian National Petroleum Company Limited, which holds 55 per cent; Renaissance, with 30 per cent; TotalEnergies, with 10 per cent; and Eni's former subsidiary, with five per cent.
Apex is wholly owned by Sterling Oil Exploration and Energy Production Company, which Eni described as one of Nigeria's leading onshore oil and gas operators. Sterling also operates the OML 143 licence in Anambra State.
The acquisition marks another step in the restructuring of Eni's Nigerian operations as the Italian energy group focuses on assets it considers strategic to its global portfolio.
Eni said its remaining Nigerian interests would centre on deep offshore exploration and development, as well as its participation in Nigeria LNG.
The transaction follows Eni's sale of Nigerian Agip Oil Company to indigenous energy firm Oando for $783m, a deal completed in August 2024.
That divestment preceded Shell's completion of the sale of its Nigerian onshore subsidiary to the Renaissance consortium in March 2025.
Eni's latest disposal reflects its strategy of rebalancing its upstream portfolio by selling assets it considers non-strategic while retaining interests in offshore operations and gas projects.
Lazard acted as financial adviser to Eni on the transaction.
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