Eni Sells Nigerian Unit With 5% Stake in Renaissance Joint Venture
Key Facts
Eni completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources Nigeria, to APEX Global Energy on October 26, 2026, transferring to a local buyer its exposure to onshore and shallow-water exploration and production. The Italian company said the unit, known as AENR, operated in those activities through a 5% participating interest in the Renaissance joint venture. Eni described the deal as part of its strategy to optimize upstream activities by rebalancing its portfolio and exiting non-strategic assets. In its statement, it said the sale was in line with "the rebalancing of its portfolio and disposal of non-strategic assets." The announcement did not disclose the deal's value or financial impact.
The unit is being transferred to APEX, wholly owned by Sterling Oil Exploration and Energy Production, which Eni described as one of Nigeria's leading industry operators, with onshore operations. AENR's transfer gives the buyer a stake in a project involving several parties, including the Nigerian National Petroleum Company, Renaissance Africa Energy and TotalEnergies. According to details of the project's structure reported by TotalEnergies in January 2026, the Nigerian National Petroleum Company holds 55%, Renaissance Africa Energy 30%, TotalEnergies 10%, and AENR 5%. The project comprises 18 licenses in the Niger Delta, according to a TotalEnergies statement. TotalEnergies announced in January an agreement to sell its 10% non-operated stake to Vaaris, with completion still subject to regulatory approvals.
The sale of the unit does not mean Eni is ending its presence in Nigeria; the company said it will continue exploration and development activities in deepwater assets while retaining its stake in Nigeria LNG. Eni said it has operated in the country since 1962, while its stake in the LNG project is 10.4%. The Bonny plant has production capacity of 22 million tons of LNG a year, according to Eni's Nigeria activities page. These figures illustrate aspects of the company's portfolio that will remain after the sale of AENR, with continued exposure to gas and offshore assets. Eni's average net hydrocarbon production in Nigeria was 50 thousand barrels of oil equivalent per day in 2025, according to a statement issued in November of that year.
For offshore assets, Eni describes Bonga North as a subsea tie-back project, with start-up expected in 2027. The company estimates its resources at about 300 million barrels of oil equivalent and expects production to reach a peak of nearly 110 thousand barrels of oil equivalent per day. These plans place deepwater development among the activities Eni will continue in Nigeria after exiting the onshore and shallow-water operating company. Eni also said in 2026 that preparatory work was under way on the Etele-Zabazaba project, with the aim of starting production by 2030. According to the company's announced plans, these projects maintain a stated focus on developing offshore assets in the country.
AENR's stake sale comes as the Renaissance project remains part of oil and gas activity in the Niger Delta. Nigeria's petroleum regulator said the project delivered 2.2 billion cubic feet of gas on March 30, 2026, and quoted its chief executive as saying its ambition had risen to 3 billion cubic feet by 2030. For TotalEnergies, the company said production from the 15 licenses covered by the proposed sale agreement was about 16 thousand barrels of oil equivalent per day on a net basis in 2025. These figures show the scale of activity associated with the project and the licenses, while Eni's deal is limited to the sale of its subsidiary with a 5% stake. Eni says its continued presence in Nigeria will be through deepwater activities and its participation in the LNG project.