Oil
Sterling Oil acquires Eni's stake in Nigerian venture
Indian billionaires Nitin and Chetan Sandesara have expanded their Nigerian footprint by purchasing Eni's onshore unit and its 5 percent interest in the Renaissance oil venture.
Key points
- Sterling Oil purchased Agip Energy and Natural Resources through its subsidiary Apex Global Energy.
- The transaction includes a 5 percent stake in the Renaissance joint venture in the Niger Delta.
- Eni retains its deep offshore presence and its stake in Nigeria LNG.
What happened
Sterling Oil, owned by Indian businessmen Nitin and Chetan Sandesara, has completed the acquisition of Eni SpA's Nigerian onshore oil unit, according to Billionaires.Africa. The transaction transfers Agip Energy and Natural Resources (Nigeria) Ltd. to Apex Global Energy Ltd., a wholly owned subsidiary of Sterling.
The deal secures a 5 percent interest for the family-run company in the Renaissance oil and gas venture in the Niger Delta. The venture holds 18 licences and was formerly operated by Shell Plc before its local assets were sold to Renaissance Africa Energy Co. in March 2025. Financial terms of the agreement were not disclosed by either party.
Eni stated that the divestment aligns with its strategy to rebalance its asset portfolio by exiting non-strategic sectors. The Italian company described Sterling as a leading onshore operator in the country while noting that it will maintain operations in Nigeria through deep offshore projects and its share in Nigeria LNG.
What comes next
With this acquisition, the Sandesara family adds to its existing Nigerian portfolio, which includes Oil Mining Lease 143 in Anambra State and the production of low-sulphur crude from the Okwuibome field. Sterling has also engaged in local infrastructure projects, including the construction of security vessels for the Nigerian Navy at its shipyard in Delta State.
Why it matters
The transaction highlights the ongoing restructuring of Nigeria's onshore oil and gas sector as international energy majors divest legacy assets to domestic and independent operators. For international energy investors, the shift reflects a changing operational landscape in the Niger Delta, where local and regional firms are assuming greater control over mature fields. With Brent spot prices recorded at 123.1 US dollars per barrel on 27 October 2026, according to US EIA data, asset values in the country continue to attract private capital despite regulatory and security transitions across the region.
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.
9.5% of world 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.
