Eni Completes Nigerian Onshore and Shallow-Water Exit via AENR Sale to Sterling Oil Affiliate

What happened Italian explorer Eni has finalised the sale of its wholly owned subsidiary Agip Energy and Natural Resources (Nigeria) Limited (AENR) to Apex Global Energy Limited (APEX), a company entirely owned by Sterling Oil Exploration and Energy Production Company Ltd (SEEPCO), as reported by Africa Oil & Gas Report and Offshore Engineer Magazine. Through this transaction, which has obtained full regulatory clearance from relevant authorities, Eni has completely exited Nigerian onshore and shallow-water exploration and production. AENR holds a 5% participation interest in the Renaissance Joint Venture alongside operator Renaissance (30%), TotalEnergies (10%), and the Nigerian National Petroleum Company Limited (NNPC, 55%), according to Africa Oil & Gas Report. The publication noted that the Renaissance JV produces approximately 280,000 barrels of oil per day (BOPD) and 2.1 billion cubic feet of gas per day (Bscf/d), transferring an estimated net output of 14,000 BOPD and 105 million standard cubic feet of gas per day (MMscf/d) to Sterling Oil. According to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) data cited by Africa Oil & Gas Report, SEEPCO operates three Oil Mining Leases (OMLs), delivering an operated gross crude and condensate production of 115,686 BOPD and natural gas output of 125,000 million standard cubic feet per day in 2025, yielding 136,686 barrels of oil equivalent per day (BOEPD) gross and 94,172 BOEPD net working interest. Africa Oil & Gas Report documented that owners Nitin and Chetan Sandesara have been accused by Indian authorities of orchestrating a $1.7 billion bank loan fraud routed partly into Nigerian assets, while facing accusations in Nigeria from labor unions such as PENGASSAN and civil groups over alleged crude theft, unapproved drilling, and bypass of local content laws, though neither the company nor its affiliates have been convicted of fraud in Nigeria. Eni stated it will sustain deepwater and gas activities, including its stake in Nigeria LNG, a 15% interest in OML 118, the Abo field (producing under 7,000 BOPD), and operated offshore licences PML 102, PML 103, PPL 2011, and PPL 2012 via Nigerian Agip Exploration Limited. Why it matters Nexus Energy analysis indicates that this divestment represents a notable break from historical precedent. Over two decades of international oil company divestments in Nigeria, this marks the first instance where an asset of this scale has been transferred to a non-indigenous independent operator rather than a domestic Nigerian entity. Nexus Energy analysis further observes that the transfer significantly reinforces the production footprint of non-African independents on the continent. With working interest volumes already ranking SEEPCO among top tier operators behind Apache Corp. and ConocoPhillips, absorbing AENR's equity volumes consolidates private foreign capital in mature basins, even as corporate governance scrutiny surrounding its beneficial ownership persists. What to watch Nexus Energy analysis suggests observing how the Renaissance JV partners integrate SEEPCO's corporate vehicle into operational governance and cash-call structures. Stakeholders are also likely to track whether Nigerian authorities maintain their previous position refusing extradition of SEEPCO's principals, as well as operational delivery across Eni's retained deepwater exploration licences. Sources Africa Oil & Gas Report, Offshore Engineer Magazine, Rigzone, Vanguard News.