LAGOS, Oct 26 – Italian energy group Eni has completed the sale of its Nigerian subsidiary Agip Energy and Natural Resources (AENR) to Nigerian firm APEX, as the company continues to divest oil and gas assets it no longer considers strategic.
Eni announced the transaction on Monday, saying AENR is engaged in onshore and shallow-water hydrocarbon exploration and production in Nigeria.
AENR holds a 5% stake in the Renaissance joint venture, which also includes French energy major TotalEnergies and the Nigerian National Petroleum Company (NNPC). The transaction transfers Eni’s Nigerian unit to APEX, although the financial terms of the deal were not disclosed in the announcement.
APEX is wholly owned by Sterling, a Nigerian company identified as a leading onshore oil operator. The acquisition adds AENR’s interests in Nigerian exploration and production assets to the group’s domestic energy operations.
The sale forms part of Eni’s wider portfolio strategy, under which the Italian group has been disposing of oil and gas assets that no longer align with its strategic priorities.
International oil majors reshape Nigerian portfolios
The transaction comes amid a broader series of asset sales by international energy companies operating in Nigeria, as they adjust their portfolios and ownership structures across the country’s oil and gas industry.
Shell said earlier in October that it would sell its Nigerian domestic gas business to Vaaris Energy, marking another planned transfer of energy assets to a different ownership structure.
Such transactions are reshaping the participation of international and Nigerian companies in the country’s energy sector, with local operators acquiring assets from established global producers.
Eni’s completed sale of AENR transfers ownership of the Nigerian unit to APEX, while Shell’s announced gas-business sale represents a separate transaction. The financial terms and broader operational implications of the deals were not specified in the available announcements.
