Eni has completed the sale of its subsidiary Agip Energy and Natural Resources (Nigeria) Limited ('AENR') to Apex Global Energy Limited ('APEX'), a company wholly owned by Sterling Oil Exploration and Energy Production Company, one of Nigeria’s leading operators in the onshore sector.
AENR, a wholly owned subsidiary of Eni, is engaged in onshore and shallow water hydrocarbon exploration and production in Nigeria, holding a 5% share in the Renaissance JV (Renaissance 30%, operator; TotalEnergies 10%; and Nigerian National Petroleum Company Limited “NNPC” 55%).
The transaction, which has received approval from all relevant authorities, is in line with Eni’s strategy to optimize its upstream activities by rebalancing the portfolio and divesting non-strategic assets.
Eni will continue to maintain a presence in the country through exploration and development of deep offshore assets as well as through its participation in Nigeria LNG.
Source: Eni
