Oil
Eni transfers Nigerian onshore assets to Sterling Oil subsidiary
Italian energy major Eni has concluded the transfer of its regional business unit to a branch of Sterling Oil.
Key points
- Eni finalised the disposal of Agip Energy and Natural Resources to Apex Global Energy.
- The transaction includes a five per cent stake in the Renaissance joint venture.
- International energy corporations continue shifting onshore holdings to local operators.
Italian multinational Eni has finished transferring its local business arm, Agip Energy and Natural Resources (Nigeria) Limited, to Apex Global Energy, according to the Nigerian Tribune. Apex Global operates as a unit of Sterling Oil Exploration and Energy Production Company Limited. The transaction concluded on October 26, 2026, following statutory approvals, though financial details remain undisclosed, the publication stated.
What happened
Through this corporate transfer, Sterling Oil acquires a five per cent holding inside the Renaissance joint venture. This specific collaborative framework oversees onshore petroleum properties originally managed by Shell. Renaissance Africa Energy Limited directs daily operations of the joint venture with a thirty per cent share, alongside the Nigerian National Petroleum Company Limited holding fifty-five per cent. TotalEnergies previously controlled the final ten per cent before initiating its own divestment agreement with Vaaris Energy.
Eni indicated that this divestment aligns with its corporate goals to streamline holdings and exit non-essential portfolios. Nevertheless, the firm maintains its deepwater infrastructure in Nigeria alongside participation in Nigeria LNG. Meanwhile, Sterling Oil, owned by the Sandesara family, already manages Oil Mining Lease 143 within Anambra State, producing Okwuibome Blend crude since 2011.
This deal forms part of a broader industry trend where multinational oil companies divest from onshore operations in Nigeria. Earlier transactions include Eni's disposal of Nigerian Agip Oil Company to Oando Plc in August 2024 for approximately $783 million, and Seplat Energy finalising the acquisition of Mobil Producing Nigeria from ExxonMobil in December 2024 for roughly $800 million. Shell similarly transferred its assets to Renaissance in March 2025 and agreed to sell Shell Nigeria Gas to Vaaris Energy. Additionally, the Nigerian Upstream Petroleum Regulatory Commission launched its 2026 licensing round, offering forty blocks while enforcing strict beneficial ownership disclosures.
Why it matters
The continuous migration of onshore petroleum properties from multinational entities to indigenous enterprises marks a structural transformation in the country's petroleum sector. Fuel exports accounted for 85.9 per cent of merchandise exports in 2025 according to World Bank figures, underlining the critical role hydrocarbons play in the national economy. With Brent spot trading at 123.1 US dollars per barrel on October 27, 2026, according to United States Energy Information Administration data, incoming domestic operators face both high revenue opportunities and significant operational challenges in maintaining mature fields while expanding local participation.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
