Eni completes sale of Nigerian onshore subsidiary to Sterling Oil
Italian energy giant Eni has finalized the sale of its Nigerian onshore subsidiary, Agip Energy and Natural Resources (AENR), to Apex Global Energy Limited—a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd. The transaction, announced in an Eni statement on Monday, October 26, has received approval from all relevant regulatory authorities.
Sterling Oil, described as one of Nigeria's leading onshore operators, now assumes control of AENR's assets. This continues the ongoing shift of onshore oil assets from international oil companies to indigenous Nigerian operators. Eni states the sale aligns with its strategy to optimize upstream operations by divesting non-core assets and rebalancing its portfolio.
Eni will maintain its Nigerian presence through deep offshore exploration and development, as well as its participation in Nigeria LNG. The company emphasized it is not exiting Nigeria but rather focusing on deepwater and gas assets where it sees stronger strategic fit.
The deal marks another milestone in Nigeria's push for greater local content in the oil sector. Indigenous operators now control increasing onshore acreage, though questions persist about their capacity to manage environmental remediation and community relations historically handled by majors with deeper technical and financial resources.
As more IOCs pivot offshore, will indigenous operators deliver the operational excellence and community stewardship Nigeria's onshore communities need?