STERLING OIL TAKES ENI’S 5 PER CENT STAKE IN RENAISSANCE JOINT VENTURE

Sterling Oil Exploration and Energy Production Company has acquired the five per cent stake held by Italian energy company Eni in Nigeria’s Renaissance joint venture, strengthening its position in the country’s oil and gas industry.

The transaction, completed through Sterling Oil’s subsidiary, Apex Global Energy Limited, follows the approval of relevant authorities. The financial details of the deal were not disclosed.

The Renaissance joint venture operates oil and gas assets in Nigeria’s Niger Delta, including onshore and shallow-water fields. Its ownership structure includes the Nigerian National Petroleum Company Limited (NNPC), which holds a 55 per cent interest, Renaissance Africa Energy Company with 30 per cent, TotalEnergies with 10 per cent, and the remaining five per cent previously held by Eni.

The acquisition represents another shift in ownership within Nigeria’s petroleum sector, as indigenous energy companies expand their participation in assets previously held by international oil majors.

Eni’s divestment is consistent with its strategy of restructuring its upstream portfolio and concentrating on selected operations. Despite the sale, the company maintains a presence in Nigeria through offshore projects and its involvement in Nigeria LNG.

The deal also reflects the growing role of indigenous companies in managing Nigeria’s oil and gas resources. Local operators are increasingly taking over mature assets, creating opportunities to expand domestic participation, strengthen technical capacity and support investment in production.

However, the success of these acquisitions will depend on the ability of operators to maintain production, attract investment and address persistent challenges such as crude oil theft, pipeline vandalism and operational disruptions in the Niger Delta.

Sterling Oil’s latest acquisition adds to the ongoing transformation of Nigeria’s petroleum industry, where changes in ownership are reshaping the balance between international oil companies and domestic operators.