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Sterling Oil, through its subsidiary Apex Global Energy, has acquired Eni’s 5 per cent interest in the Renaissance joint venture, ending the Italian energy giant’s participation in the onshore venture.
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The acquisition brings a new Nigerian investor into the joint venture, previously operated by Shell, with NNPC holding 55 per cent and Renaissance Africa Energy 30 per cent.
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The transaction follows a wave of divestments by international oil companies, including Shell’s $2.4 billion sale to Renaissance in March 2025 and Eni’s $783 million sale of Nigerian Agip Oil Company to Oando in August 2024.
October 31, (THEWILL) – Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) has expanded its footprint in Nigeria’s oil and gas industry with the acquisition of Italian energy giant Eni’s 5 per cent stake in the Renaissance joint venture operating onshore oil assets in the Niger Delta.
The acquisition was completed through Apex Global Energy Limited, a wholly owned subsidiary of Sterling Oil, following the conclusion of the sale of Agip Energy and Natural Resources (Nigeria) Limited (AENR) by Eni.
The transaction, whose financial details were not disclosed, received approval from all relevant regulatory authorities.
Eni announced the completion of the transaction in a statement issued from San Donato Milanese, Italy, on October 26, describing Sterling Oil as one of Nigeria’s leading operators in the onshore oil sector.
With the acquisition, Apex Global Energy becomes the new holder of AENR’s 5 per cent participating interest in the Renaissance joint venture, which is operated by Renaissance Africa Energy Company Limited.
The other partners are the Nigerian National Petroleum Company Limited (NNPC), with 55 per cent, Renaissance with 30 per cent and TotalEnergies with 10 per cent.
The transaction marks another significant change in the ownership structure of Nigeria’s onshore petroleum industry, particularly the Niger Delta, where international oil companies have been transferring their interests to indigenous operators as they reposition their global portfolios.
Renaissance assumed control of Shell Petroleum Development Company of Nigeria Limited (SPDC) in March 2025 after completing a $2.4 billion acquisition of Shell’s Nigerian onshore subsidiary.
The transaction transferred Shell’s 30 per cent interest in the joint venture to Renaissance, a consortium comprising Nigerian indigenous oil companies ND Western, Aradel Energy, First E&P and Waltersmith, alongside international energy group Petrolin.
Sterling Oil, which already operates Oil Mining Lease 143 (OML 143) in Anambra State, is expected to leverage its existing operational experience in the Nigerian onshore sector through its entry into the Renaissance partnership.
The acquisition also further strengthens indigenous participation in the country’s upstream petroleum industry.
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Eni’s latest divestment follows its August 2024 sale of Nigerian Agip Oil Company (NAOC) to indigenous energy firm Oando Plc in a transaction valued at $783 million.
The company said its remaining Nigerian investments would focus on deep offshore exploration and development, as well as its participation in Nigeria Liquefied Natural Gas (NLNG).
The Italian company’s withdrawal from the onshore joint venture is consistent with its strategy of streamlining its upstream portfolio by disposing of assets it considers non-strategic and concentrating investments on deepwater exploration and integrated gas operations.
The entry of Sterling Oil through Apex Global Energy represents another milestone in the gradual transfer of Nigeria’s onshore oil assets from traditional international operators to indigenous energy companies, with the Renaissance joint venture remaining a major platform for oil and gas operations in the Niger Delta.
