Eni Sells Nigerian Shallow-Water Oil Assets to Sterling Oil Subsidiary

By Adedapo Adesanya

Italian energy company Eni has completed the sale of its 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 marks Eni’s exit from its remaining hydrocarbon acreage on Nigeria’s continental shelf, with Agip Energy holding a five per cent stake in the Renaissance Joint Venture, one of the country’s major oil and gas production ventures.

Agip Energy, a wholly owned subsidiary of Eni, is involved in onshore and shallow-water hydrocarbon exploration and production in Nigeria. The Renaissance JV comprises Renaissance, which operates the venture with a 30 per cent interest, TotalEnergies with 10 per cent, the Nigerian National Petroleum Company Limited with 55 per cent, and Agip Energy with five per cent.

The transfer brings the Italian company’s interest in the joint venture under Sterling Oil, an Indian-owned independent exploration and production company operating in Nigeria through its subsidiary, Apex Global Energy.

The deal is notable against the backdrop of divestments by international oil companies in Nigeria, as it transfers an interest in a major joint venture to a non-indigenous independent operator. Sterling Oil is among the few foreign-owned independent exploration and production companies operating oil assets in the country, alongside Savannah Energy, a British company with a focus on natural gas.

The Renaissance JV produces approximately 280,000 barrels of oil per day and 2.1 billion cubic feet of gas per day, according to the transaction details provided. The transfer has reportedly received approval from the relevant authorities.

Sterling Oil already has a significant presence in Nigeria’s upstream oil and gas industry, operating three Oil Mining Leases (OMLs).

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the company recorded gross crude oil and condensate production of 115,686 barrels per day in 2025. Its natural gas production stood at 125 million standard cubic feet per day, bringing its reported gross hydrocarbon output to 136,686 barrels of oil equivalent per day.

On a working-interest basis, Sterling Oil’s output was 94,172 barrels of oil equivalent per day, placing it among the significant independent oil and gas producers operating in Africa.