Nigerian companies take over asset shares of Eni, TotalEnergies

Indigenous companies continue to gain prominence in Nigeria as international majors divest shares across assets in the region

Eni recently secured all the necessary approvals from Nigerian authorities for the sale of its subsidiary Agip Energy and Natural Resources (Nigeria) Limited (AENR) to Apex Global Energy Limited (APEX), a company wholly owned by Sterling Oil Exploration and Energy Production Company Ltd (Sterling), one of Nigeria’s leading operators in the onshore sector

AENR, a wholly owned subsidiary of Eni, holds interests in shallow water hydrocarbon exploration and production in Nigeria, holding a 5% share in the Renaissance JV (Renaissance 30%, operator; TotalEnergies 10%; and Nigerian National Petroleum Company Limited 55%).

The move is driven by Eni's shift of focus to deepwater assets, including Nigeria LNG, as it takes a step back from acreages it considers non strategic as AENR, which is known for its onshore presence in the region.

Meanwhile, TotalEnergies has announced that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 10% non-operated interest in the Renaissance JV licenses to Vaaris for an aggregate amount of US$800mn.

The company, however, retains full economic interest in the three gas licenses of the Renaissance JV (OML 23, OML 28 and OML 77), which currently account for 50% of Nigeria LNG gas supply.