Eni completes sale of Nigerian oil subsidiary to Sterling oil-owned Apex Global

Italian energy giant Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources (Nigeria) Limited (AENR), to Apex Global Energy Limited, which is wholly owned by Sterling Oil Exploration and Energy Production Company Ltd.

This disclosure is contained in a statement Eni issued on Monday, October 26, 2026, noting that Sterling Oil is one of Nigeria’s leading onshore operators.

The transaction marked another milestone in the gradual transfer of Nigerian onshore oil assets from international oil companies (IOCs) to indigenous operators.

What they are saying

It stated that the transaction had received approval from all relevant authorities and aligned with Eni’s strategy to optimise its upstream operations by rebalancing its portfolio and divesting non-core assets.

• The statement reads, ”Eni announces that it has completed the sale of its subsidiary Agip Energy and Natural Resources (Nigeria) Limited to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd, one of Nigeria’s leading operators in the onshore sector.
• ”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 assured that it will still continue with its oil exploration and development of deep offshore assets as well as go ahead with its participation in Nigeria LNG.

• ”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,” it added.

More to follow…