Eni Plans Sale of Final Stake in Nigerian Onshore Venture

Eni is preparing to sell its remaining 5% stake in the Renaissance Africa Energy joint venture in Nigeria, according to responses released ahead of its annual general meeting held on May 6 in Milan. The stake represents one of the company’s last onshore positions in the Niger Delta.

The company has not disclosed the identity of the preferred bidder or the value of the transaction. It confirmed that the selected buyer will undergo due diligence, including an assessment of financial capacity and reputational risk. Several Nigerian and international firms have submitted bids, with Sterling Oil Exploration and Energy Production Company (SEEPCO) identified in earlier reports as a leading contender.

Eni holds the asset through its subsidiary Agip Energy and Natural Resources (Nigeria) Limited, which has operated in the country for decades. The planned sale would complete the company’s exit from onshore oil operations in Nigeria.

Foreign Majors Exit Nigeria’s Onshore Oil Sector

Eni’s divestment follows a broader withdrawal by Western oil companies from Nigeria’s onshore oil sector. Shell completed the $2.4 billion sale of its subsidiary SPDC to the Renaissance Africa Energy Company consortium in March 2025, after regulatory delays. TotalEnergies followed in January 2026, agreeing to sell its 10% stake in the same joint venture to Vaaris Resources JV Co Ltd.

With Eni now moving to sell its remaining interest, all three major foreign partners in the venture have taken steps to exit the project. The shift reflects sustained operational challenges in Nigeria’s onshore oil environment, including crude theft, pipeline vandalism, and regulatory constraints. Losses linked to theft alone exceeded $3.3 billion between January 2021 and February 2022, according to estimates from the Nigerian Upstream Petroleum Regulatory Commission. The Renaissance Africa Energy joint venture controls 18 production licenses across the Niger Delta. The assets hold an estimated 6.73 billion barrels of oil and condensates, alongside 56.3 trillion cubic feet of natural gas.

The scale of these reserves has attracted continued interest from both local and international bidders, even as international majors reduce exposure to onshore operations. The transition is shifting asset ownership toward regional and independent operators, while global firms concentrate investment in offshore and lower-risk production environments.

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