Eni Sells Nigerian Subsidiary AENR to Apex Global Energy
Italian energy group Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (AENR), to Apex Global Energy, further reducing its exposure to onshore oil operations in the country.
Eni Boss
Italian energy group Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (AENR), to Apex Global Energy, further reducing its exposure to onshore oil operations in the country.
The transaction was finalised on October 26, 2026. Apex Global Energy operates under Sterling Oil Exploration and Energy Production Company, a Nigerian-owned business active in the country's oil sector.
AENR held a 5% interest in the Renaissance joint venture, which operates oil and gas assets in Nigeria. Renaissance Africa Energy Company operates the venture and owns a 30% stake. The Nigerian National Petroleum Company (NNPC) holds 55%, while TotalEnergies owns the remaining 10%.
The sale transfers Eni's interest in the venture to a Nigerian operator. It follows other international oil companies' decisions to sell onshore assets to local businesses. Shell completed the sale of its Shell Petroleum Development Company of Nigeria subsidiary to Renaissance in March 2025, while ExxonMobil transferred its Nigerian assets to Seplat Energy in December 2024.
Eni Reduces Its Onshore Interests
The AENR transaction follows Eni's sale of Nigerian Agip Oil Company (NAOC) to Nigerian energy group Oando in August 2024. NAOC's operations included onshore oil and gas production, as well as power generation.
After that sale, Eni continued operating in Nigeria through AENR, Nigerian Agip Exploration (NAE) and its investment in Nigeria LNG. Selling AENR further reduces the company's onshore interests, leaving deepwater exploration and natural gas among its remaining areas of focus.
Eni is concentrating its exploration and production business on selected assets, including offshore projects. The company also maintains its participation in Nigeria's gas export industry.
Nigeria LNG Remains Part of Eni's Portfolio
Eni retains a 10.4% interest in Nigeria LNG, the liquefied natural gas facility on Bonny Island. The company also supplies natural gas to the plant, keeping it involved in Nigeria's LNG export business despite the sale of AENR.
According to Eni's annual report, Nigeria LNG processed approximately 830 billion cubic feet of natural gas in 2025.
