Italian Oil Giant Eni Sells Its Last Nigerian Onshore Stake to Indian-Owned Operator

Italian energy major Eni has completed the sale of Agip Energy and Natural Resources (Nigeria) Limited (AENR) to Apex Global Energy Limited (APEX). The sale marks Eni’s full exit from oil and gas exploration and production on land and in shallow waters in Nigeria.

APEX is wholly owned by Sterling Oil Exploration and Energy Production Company Ltd (Sterling), owned by the Indian businessman Nitin Sandesara and his brother Chetankumar Sandesara.

AENR, until now fully owned by Eni, explores for and produces oil and gas onshore and in shallow waters. It holds a 5% stake in the Renaissance Joint Venture. The other partners are Nigerian National Petroleum Company Limited (55%) Renaissance (30%) and TotalEnergies (10%).

All relevant authorities have approved the deal. Eni said the sale fits its strategy of improving its upstream business by rebalancing its portfolio and selling non-strategic assets.

This deal completes an exit that began more than two years ago. In August 2024, Eni closed the sale of Nigerian Agip Oil Company Ltd (NAOC) to Oando PLC. NAOC handled Eni’s onshore oil and gas exploration and production, plus power generation. Oando is a Nigerian energy company listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange.

At the time, Eni kept its 5% stake in the Shell Production Development Company Joint Venture, now Renaissance JV, saying it would stay in its portfolio. With the AENR sale, Eni has now also sold its 5% stake in the joint venture.

Eni is not leaving Nigeria

Eni is still investing in Nigeria, but it is shifting its focus. It will keep exploring and developing deep offshore assets and will keep its stake in Nigeria LNG. When it sold NAOC in 2024, the company also said it would look at new opportunities in agri-feedstock, meaning crops grown as raw material for biofuels.

The two sales follow a wider trend: international oil companies are handing Nigeria’s onshore and shallow-water assets to local operators. Firms like Oando and Sterling now control a growing share of the country’s onshore production, while global majors focus on deepwater projects and gas.