Italian energy major Eni has announced the completion of its divestment of Agip Energy and Natural Resources (Nigeria) Limited (AENR) to Apex Global Energy Limited, a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd (SEEPCO).
The transaction, finalised on October 27, 2026, marks the transfer of AENR’s entire share capital. Crucially, this includes a 40% operating interest and joint operatorship of the onshore oil mining leases (OMLs) 60, 61, 62, and 63. Additionally, Apex Global Energy has acquired a 48% stake in the Brass River, Kwale, Okpai, and Ogbainbiri power plants.
The Nigerian National Petroleum Company Limited (NNPC Ltd) will retain its existing 60% operating interest in the aforementioned OMLs. The completion of this sale means that the operational control and economic interest in significant Nigerian onshore assets will now largely transition to an indigenous operator.
Eni stated that the divestment aligns with its broader 2024-2027 Strategic Plan, which focuses on optimising its portfolio and pursuing its ‘just transition’ strategy towards decarbonisation. The company aims to reallocate resources to projects that are more central to its long-term strategic objectives, particularly in gas assets and offshore developments within Nigeria.
The agreement for the sale was initially signed in November 2025 and subsequently received all necessary regulatory approvals, including from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This finalisation follows a broader trend within Nigeria’s oil and gas sector, where international oil companies (IOCs) are increasingly divesting their onshore and shallow water assets to local players, often citing security concerns, operational complexities, and strategic shifts towards deeper offshore and gas projects.
Strategic Implications for Nigeria’s Energy Landscape
For Sterling Oil Exploration and Energy Production Company Ltd (SEEPCO), the acquisition significantly expands its footprint and operational capacity within Nigeria’s upstream and power sectors. As a prominent Nigerian indigenous company, SEEPCO is poised to leverage these new assets to strengthen its position as a key energy provider in the country.
The OMLs 60, 61, 62, and 63 are vital onshore blocks located in the Niger Delta, representing a significant portion of Nigeria’s oil and gas production. The transfer of operatorship to Apex Global Energy underscores the Nigerian government’s commitment to increasing indigenous participation and local content development within the petroleum industry.
Furthermore, the acquisition of a stake in the Brass River, Kwale, Okpai, and Ogbainbiri power plants highlights a strategic move beyond crude oil exploration to integrated energy production. These power plants are crucial for contributing to Nigeria’s domestic electricity supply, and Apex Global’s increased involvement could lead to further investment and operational efficiencies in the country’s power infrastructure.
Eni has affirmed its intention to continue its presence and operations in Nigeria, albeit with a renewed focus on its deep offshore and integrated gas value chain projects. This includes its extensive gas production, domestic gas supply, power generation, and LNG export activities, which remain pivotal to the company’s African strategy and Nigeria’s energy security.
The completion of this transaction signifies a notable shift in the ownership and operational dynamics of significant energy assets in Nigeria, reinforcing the growing capacity of indigenous companies to manage and develop complex upstream and midstream energy infrastructure. Eni’s official statement provided further details on the finalisation of the sale.
Explore more Business stories and analysis from Business Elites Africa.
