By: OrePulse

Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (AENR), to Apex Global Energy, the Italian energy company said Monday.

Apex Global Energy is wholly owned by Sterling Oil Exploration and Energy Production Company, an operator in Nigeria's onshore oil sector, according to Eni.

AENR explores for and produces oil and gas in Nigeria's onshore and shallow-water areas. It holds a 5% stake in a joint venture operated by Renaissance, which holds 30% of that venture. The other partners in the venture are the Nigerian National Petroleum Company Limited, which holds 55%, and TotalEnergies, which holds 10%, according to Eni.

Eni said the transaction received all required regulatory approvals. The company did not disclose the sale price.

Eni described the sale as part of its broader strategy to rebalance its upstream portfolio and divest non-core assets. The company said that, following the sale, it will maintain its presence in Nigeria through deepwater exploration and development activities and its shareholding in Nigeria LNG.

Following the sale, the joint venture previously 5%-held by Eni's AENR is now held, under Apex Global Energy's ownership, by Renaissance (30%, as operator), the Nigerian National Petroleum Company Limited (55%), TotalEnergies (10%) and AENR (5%), according to Eni.

Eni did not say when the sale agreement was originally reached, only that the transaction has now been completed and that it had obtained all required regulatory approvals before closing. Eni said the divestment reflects its stated strategy of rebalancing its upstream portfolio and exiting non-core positions, while it continues to concentrate on the deepwater exploration, development and LNG activities it is keeping in Nigeria.