Yemisi Izuora
Italian energy major Eni is said to be moving towards selling its remaining 5 per cent stake in the Renaissance Africa Energy joint venture in Nigeria, according to written responses to shareholder questions released ahead of its annual general meeting in Milan.
The company said the identity of the prospective buyer and the value of the transaction remain confidential, adding that the preferred bidder would undergo a detailed due diligence process, including an assessment of potential reputational risks.
Several Nigerian and international firms submitted bids for the stake.
According to reports published earlier this year by specialized media outlets, Nigerian company Sterling Oil Exploration and Energy Production Company (SEEPCO) has emerged as the frontrunner.
Eni holds the stake through its long-established subsidiary Agip Energy and Natural Resources (Nigeria) Limited, which has operated in the country for decades. The asset is one of the last onshore holdings the Italian group still controls in the Niger Delta.
Eni’s planned divestment is part of a broader withdrawal by Western oil majors from Nigeria’s onshore sector, a trend that has accelerated in recent years.
In March 2025, Shell completed the sale of its subsidiary SPDC to the Renaissance Africa Energy Company consortium in a deal valued at $2.4 billion. The transaction was temporarily halted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) before receiving final approval from federal authorities.
TotalEnergies later followed with an agreement signed in January 2026 to sell its 10% stake in the same joint venture to Vaaris Resources JV Co Ltd, according to Ecofin Agency.
With Eni now preparing its exit, all three of the venture’s main foreign partners have moved to withdraw from the project.
In an analysis published by Reuters in January 2024, Goldman Sachs senior economist Andrew Matheny cited regulatory weaknesses and foreign exchange constraints in Nigeria’s oil sector as key factors behind the retreat of international majors. Persistent crude theft and pipeline vandalism have also weighed on operations. The NUPRC estimated related losses at more than $3.3 billion between January 2021 and February 2022.
The Renaissance joint venture covers 18 production licenses in the Niger Delta, with reserves estimated at 6.73 billion barrels of oil and condensates and 56.3 trillion cubic feet of gas, according to the Africa Oil Gas Report published in March 2025.