Eni completes sale of Nigerian subsidiary AENR to Apex Global Energy

Photo: Eni

BAKU, Azerbaijan, October 26. Eni, an Italian energy company, has completed the sale of its subsidiary Agip Energy and Natural Resources (Nigeria) Limited (AENR), the company said on October 26.

AENR has been acquired by Apex Global Energy Limited (APEX), a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd, one of Nigeria’s leading operators in the onshore sector.

AENR, a wholly owned subsidiary of Eni, conducts onshore and shallow-water hydrocarbon exploration and production in Nigeria. It holds a 5% stake in the Renaissance joint venture (JV), operated by Renaissance with a 30% interest. Other partners are TotalEnergies, with 10%, and Nigerian National Petroleum Company Limited (NNPC), with 55%.

“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 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,” said Eni.

Eni is an integrated energy company, founded in 1953, with 31.376 employees in 69 countries around the world, including Algeria, Angola, Mozambique, Mexico, Indonesia and Italy. In 2021, the company launched a new strategy that will enable it to provide a variety of fully decarbonized products, combining environmental and financial sustainability. The recent merger of the renewable and retail businesses in Plenitude (formerly Eni gas e luce), the development of bio-refineries and biomethane production, and the sale of low-carbon energy carriers and mobility services at service stations are among the main levers for taking the path towards decarbonization.

The company adopts an integrated model based on satellite companies, strategic companies for the transition and innovation, and subsidiaries.