Eni sells Nigerian onshore assets

Eni, an Italian energy company, sold its Nigerian onshore oil operations to Apex Global Energy on October 26. The subsidiary sold, Agip Energy and Natural Resources, was fully owned by Eni and focused on onshore and shallow water oil exploration and production.

Sale includes joint venture stake

The sale included a 5% stake in the Renaissance joint venture, which is operated by Renaissance Africa Energy Company. This venture is also owned by NNPC (55%) and TotalEnergies (10%).

Broader trend in Nigeria's oil sector

This transaction is part of a larger trend in Nigeria, where international oil companies are selling their onshore assets to local firms. For example, Shell sold its subsidiary SPDC to Renaissance in March 2025, and ExxonMobil sold its Nigerian assets to Seplat Energy in December 2024.

Eni's strategic restructuring

Eni's sale of AENR aligns with its broader strategy to restructure its Nigerian operations. This follows the sale of the Nigerian Agip Oil Company (NAOC) to Oando in August 2024, which focused on onshore oil and electricity production.

Focus on deepwater and gas

After selling its onshore assets, Eni has shifted its focus in Nigeria to deepwater projects and gas infrastructure. The company retains participation in Nigeria LNG, a major natural gas liquefaction plant located in Bonny.

Eni's gas presence in Nigeria

Eni holds a 10.4% stake in Nigeria LNG and continues to supply the facility with natural gas. In 2025, the plant processed around 830 billion cubic feet of gas, according to Eni’s annual report.