Abuja [Nigeria], October 28 : Sterling Oil Exploration and Energy Production Company (SEEPCO), owned by the Sandesara family, has acquired Italian energy major Eni’s Nigerian subsidiary Agip Energy and Natural Resources (Nigeria) Limited (AENR), adding a 5 per cent participating interest in the Renaissance joint venture, one of Nigeria’s major onshore and shallow-water oil and gas partnerships.
Eni announced that it had completed the sale of AENR to Apex Global Energy Limited, a wholly owned subsidiary of Sterling Oil, after receiving approval from all relevant authorities. The financial details of the transaction were not disclosed.
Eni described Sterling Oil as “one of Nigeria’s leading operators in the onshore sector” and said the transaction was part of its strategy to rebalance its portfolio and divest non-strategic assets.
AENR holds a 5 per cent interest in the Renaissance joint venture, which is operated by Renaissance with a 30 per cent stake. Nigerian National Petroleum Company Limited holds 55 per cent, while TotalEnergies owns the remaining 10 per cent.
The acquisition expands Sterling Oil’s Nigerian portfolio beyond its existing operated block, Oil Mining Lease (OML) 143 in Anambra State, where the company developed the Okwuibome field. Sterling Oil said it has produced Okwuibome Blend, a low-sulphur crude, since 2011, supplying buyers in Europe and Asia.
The transaction comes a day after TotalEnergies announced the sale of its 10 per cent interest in the same joint venture to Vaaris Energy for about USD 800 million, or approximately Rs 6,700 crore. TotalEnergies said it would retain its gas licences OML 23, OML 28 and OML 77.
Eni said it would continue operating in Nigeria through its deep offshore exploration and development assets and its participation in Nigeria LNG.
Sterling Oil is privately held and owned by the Sandesara family, led by Nitin Sandesara and Chetan Sandesara. The company said it entered Nigeria through the 2005 licensing round and has built its operations around oil exploration and production.
Sterling Oil also said it shipped approximately six million barrels of crude oil to Indian public-sector refiners between March and May 2026. The company said its Nigerian production provides Indian refiners with an additional source of crude supply amid geopolitical uncertainty.
The acquisition gives Sterling Oil a non-operated stake in the Renaissance venture alongside its existing operated block, with the ownership changes expected to take effect in the coming months.