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Eni Finalizes Sale of Nigerian Onshore Unit to APEX
Italian energy major Eni has finalized the sale of its Nigerian subsidiary, Agip Energy and Natural Resources, to the Nigerian company APEX, the group announced on Monday. The transaction marks another step in Eni's ongoing strategy to reshape its global asset portfolio.
Transaction Details
The divested unit, Agip Energy and Natural Resources, is active in onshore and shallow water oil and gas exploration and production within Nigeria. A key component of the sale includes the subsidiary's interests in a major joint venture.
Key assets included in the deal are:
- A 5% interest in the Renaissance joint venture.
- The joint venture's other partners include industry major TotalEnergies and the state-owned Nigerian National Petroleum Company.
AdStrategic Rationale
The sale aligns with Eni's stated plan to divest oil and gas assets that are no longer considered strategic to its long-term objectives. By offloading these holdings, the company aims to optimize its portfolio and focus capital on core operational areas. The financial advisory firm Lazard served as an adviser to Eni for the transaction.
The Buyer
The acquiring entity, APEX, is a wholly-owned subsidiary of Sterling, which the source describes as a major onshore oil operator in Nigeria. This acquisition positions a domestic player to take over the established production and exploration assets from the international energy corporation.
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