Sterling Oil Expands Nigerian Footprint with Eni Subsidiary Acquisition
Sterling Oil, owned by the Sandesara family, acquires Eni's Nigerian subsidiary AENR, gaining a stake in the Renaissance joint venture.
In a significant move to expand its presence in the African energy market, Sterling Oil Exploration and Energy Production Company (SEEPCO) has acquired Agip Energy and Natural Resources (Nigeria) Limited (AENR), the Nigerian subsidiary of the Italian energy giant Eni. This strategic acquisition allows Sterling Oil to secure a 5 per cent participating interest in the Renaissance joint venture, one of Nigeria's most prominent onshore and shallow-water oil and gas partnerships.
The Details of the Deal
The acquisition was executed through Apex Global Energy Limited, a wholly owned subsidiary of Sterling Oil. Eni confirmed that the sale of AENR is complete following the receipt of all necessary regulatory approvals. While the financial terms of the deal remain confidential, Eni noted that Sterling Oil is recognized as one of the leading operators within Nigeria's onshore sector.
For Eni, this divestment is part of a broader corporate strategy aimed at rebalancing its global portfolio and offloading assets that are no longer considered strategic. Despite this exit from AENR, Eni will maintain its presence in Nigeria through its participation in Nigeria LNG and its deep offshore exploration and development assets.
Inside the Renaissance Joint Venture
The acquisition grants Sterling Oil a non-operated stake in the Renaissance joint venture. The ownership structure of this major partnership is as follows:
- Nigerian National Petroleum Company Limited: 55 per cent
- Renaissance (Operator): 30 per cent
- TotalEnergies: 10 per cent (though recently announced for sale)
- Sterling Oil (via AENR): 5 per cent
Interestingly, this move follows closely on the heels of another major shift in the venture. Just a day prior, TotalEnergies announced the sale of its 10 per cent stake in the same joint venture to Vaaris Energy for approximately USD 800 million (roughly Rs 6,700 crore), although TotalEnergies will keep its gas licences for OML 23, OML 28, and OML 77.
Sterling Oil's Growth and Indian Connection
Sterling Oil, a privately held company owned by the Sandesara family and led by Nitin and Chetan Sandesara, first entered the Nigerian market during the 2005 licensing round. The company has already established a strong operational base with its Oil Mining Lease (OML) 143 in Anambra State, where it developed the Okwuibome field.
Since 2011, Sterling Oil has been producing the Okwuibome Blend, a low-sulphur crude oil that is supplied to markets across Asia and Europe. The company highlighted its role as a critical energy link to India, stating that it shipped approximately six million barrels of crude oil to Indian public-sector refiners between March and May 2026.
Sterling Oil emphasized that its production capabilities in Nigeria provide Indian refiners with a vital alternative source of crude supply, offering stability amidst ongoing geopolitical uncertainties.
With this new acquisition, Sterling Oil now balances a non-operated stake in the Renaissance venture alongside its existing operated assets, with the full transition of ownership expected to conclude in the coming months.