Sterling Oil Acquires Eni Subsidiary in Nigeria
Sterling Oil Exploration and Energy Production Company acquired Eni's Agip Energy and Natural Resources subsidiary to gain a stake in the Renaissance joint venture.
The Sterling Oil Exploration and Energy Production Company (SEEPCO) acquired Agip Energy and Natural Resources (Nigeria) Limited, a subsidiary of the Italian energy firm Eni. The transaction was conducted through Apex Global Energy Limited, a wholly owned subsidiary of Sterling Oil.
Through this acquisition, Sterling Oil obtained a 5 per cent participating interest in the Renaissance joint venture, which operates onshore and shallow-water oil and gas assets in Nigeria. Eni described the divestment as part of a broader strategy to rebalance its portfolio by selling non-strategic assets, while retaining its deep offshore holdings and its participation in Nigeria LNG.
This move coincides with a separate transaction in the same venture, where TotalEnergies sold its 10 per cent stake to Vaaris Energy for approximately 800 million USD. The Renaissance joint venture is currently held by the Nigerian National Petroleum Company Limited, which owns 55 per cent, and Renaissance, which holds 30 per cent, alongside the stakes recently transferred from Eni and TotalEnergies.
