Eni announced on 26 October 2026 that it has completed the sale of its Nigerian subsidiary Agip Energy and Natural Resources (Nigeria) Limited, known as AENR, to Apex Global Energy Limited, referred to as APEX. The announcement was made from San Donato Milanese, Italy, in a press release dated 26 October 2026.

APEX is a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd, which the Italian group describes as one of Nigeria's leading operators in the onshore sector.

What AENR Holds

AENR, a wholly owned subsidiary of Eni, is engaged in onshore and shallow water hydrocarbon exploration and production in Nigeria. The company holds a 5% share in the Renaissance joint venture, in which Renaissance itself holds 30% and acts as operator, TotalEnergies holds 10%, and the Nigerian National Petroleum Company Limited, NNPC, holds 55%.

Regulatory Approval Secured

According to Eni, the transaction has received approval from all relevant authorities. The company did not disclose the financial terms of the sale in its announcement.

Alignment With Upstream Strategy

Eni said the divestment is in line with its strategy to optimize its upstream activities by rebalancing the portfolio and divesting non-strategic assets. The sale of the Nigerian onshore and shallow water interest marks the latest step in that portfolio reshaping effort, according to the company.

Eni's Remaining Footprint in Nigeria

Despite the divestment of AENR, Eni stated that it will continue to maintain a presence in Nigeria. The company's ongoing commitments in the country include the exploration and development of deep offshore assets as well as its participation in Nigeria LNG.

Deal Background

The completion of the sale transfers Eni's stake in the Renaissance joint venture structure from AENR to APEX. Eni's press release confirmed the deal's closing on 26 October 2026, with the buyer being the Sterling-owned vehicle Apex Global Energy Limited.

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