Italian energy company Eni has completed the sale of its Nigerian subsidiary Agip Energy and Natural Resources (Nigeria) (AENR) to Apex Global Energy Limited (APEX), divesting its interests in onshore and shallow-water oil and gas operations in the country.
APEX is wholly owned by Sterling Oil Exploration and Energy Production Company (Sterling), an operator in Nigeria's onshore oil and gas sector.
AENR, previously wholly owned by Eni, holds a 5% stake in the Renaissance joint venture, which is engaged in hydrocarbon exploration and production in Nigeria.
The joint venture is operated by Renaissance, which holds a 30% interest, alongside TotalEnergies with 10% and Nigerian National Petroleum Company Limited (NNPC) with 55%.
The transaction has received approval from all relevant authorities and forms part of Eni's strategy to optimize its upstream portfolio by divesting non-strategic assets.
Eni will maintain its presence in Nigeria through the exploration and development of deep offshore assets, as well as its participation in Nigeria LNG.