Eni Moves To Sell Remaining 5% Stake In Renaissance Energy
Italian energy giant Eni has reportedly commenced plans to sell its remaining 5 per cent stake in Renaissance Africa Energy joint venture in Nigeria, according to documents released ahead of the company’s annual general meeting in Milan.
The company disclosed that details surrounding the prospective buyer and the value of the transaction remain confidential for now, noting that the preferred bidder would undergo a comprehensive due diligence process, including reputational risk assessment.
Reports indicate that several local and international firms submitted bids for the stake, with Nigerian firm Sterling Oil Exploration and Energy Production Company (SEEPCO) emerging as the leading contender.
Eni currently holds the stake through its subsidiary, Agip Energy and Natural Resources (Nigeria) Limited, one of the company’s longstanding operations in the country. The asset represents one of Eni’s final onshore investments in the Niger Delta region.
The planned sale is part of a broader trend involving the gradual withdrawal of major Western oil firms from Nigeria’s onshore oil sector amid regulatory concerns, operational challenges, crude theft, and pipeline vandalism.
In March 2025, Shell concluded the $2.4 billion sale of SPDC to the Renaissance Africa Energy consortium after receiving final approval from Nigerian authorities. Earlier in January 2026, TotalEnergies also agreed to sell its 10 per cent stake in the same joint venture to Vaaris Resources JV Co Ltd.
With Eni now preparing to divest, all three major foreign partners in the venture have initiated exits from the project.
Analysts have linked the continued withdrawal of international oil companies from Nigeria’s onshore sector to foreign exchange constraints, security concerns, and regulatory uncertainties. According to estimates by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), crude theft and vandalism caused losses exceeding $3.3 billion between January 2021 and February 2022.
The Renaissance joint venture reportedly controls 18 production licences across the Niger Delta, with estimated reserves of 6.73 billion barrels of oil and condensates, alongside 56.3 trillion cubic feet of gas.
