Eni to Sell Final 5% Stake in Nigeria’s Renaissance Africa Energy JV as Major Oil Majors Exit Onshore Assets
Eni is preparing to sell its remaining 5% stake in the Renaissance Africa Energy joint venture in Nigeria, marking another step in the gradual withdrawal of major international oil companies from the country’s onshore oil sector.
The company said the identity of the buyer and the value of the transaction will remain confidential for now.
The preferred bidder will undergo a comprehensive due diligence process, including assessments of financial and reputational risks.
Several Nigerian and international firms submitted bids for the stake, with Sterling Oil Exploration and Energy Production Company currently viewed as the leading contender.
Eni holds the stake through its subsidiary Agip Energy and Natural Resources Nigeria Limited, one of its long-established operating entities in the country.
The asset represents one of the company’s last remaining onshore interests in the Niger Delta.
The planned divestment is part of a broader exit by Western oil majors from Nigeria’s onshore oil industry, a trend that has accelerated over recent years as companies shift focus toward offshore and lower-risk assets.
In March 2025, Shell completed the $2.4 billion sale of its Nigerian onshore subsidiary to the Renaissance Africa Energy consortium after receiving regulatory approval.
TotalEnergies also agreed in January 2026 to sell its 10% stake in the same joint venture to Vaaris Resources JV Co Ltd.
With Eni now preparing to exit, all three major international partners in the Renaissance joint venture have moved toward divestment from the project.
Analysts attribute the withdrawal of international oil companies from Nigeria’s onshore sector to a combination of regulatory uncertainty, foreign exchange constraints, crude theft, and pipeline vandalism.
Nigerian authorities previously estimated losses from crude theft and infrastructure sabotage at more than $3.3 billion between January 2021 and February 2022.
The Renaissance joint venture includes 18 production licenses across the Niger Delta and holds estimated reserves of 6.73 billion barrels of oil and condensates, along with 56.3 trillion cubic feet of natural gas.
