Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) has acquired Italian energy giant Eni’s 5% 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. Eni announced the completion of the transaction in a statement issued from San Donato Milanese, Italy, on October 26.
The acquisition brings a new Nigerian investor into the joint venture, previously operated by Shell, with NNPC holding 55% and Renaissance Africa Energy 30%. 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.
With the acquisition, Apex Global Energy becomes the new holder of AENR’s 5% 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%, Renaissance with 30%, and TotalEnergies with 10%.
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.
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.
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 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.
Key points
- Sterling Oil acquires Eni’s 5% stake in Renaissance joint venture.
- The acquisition strengthens indigenous participation in Nigeria’s upstream petroleum industry.
- Eni’s divestment follows its strategy of streamlining its upstream portfolio.
