Eni completes sale of Nigerian onshore subsidiary to Apex

Eni ($E) completed the sale of Agip Energy and Natural Resources Nigeria to Apex Global Energy, a wholly owned subsidiary of Sterling Oil Exploration and Energy Production. The disposed business held a 5% interest in the Renaissance joint venture, which operates onshore and shallow-water oil and gas assets. Eni said all relevant authorities had approved the transaction.

The disposal implements Eni’s effort to rebalance its upstream portfolio and sell assets it considers non-strategic. The company retains Nigerian exposure through deep-water exploration and development, together with its stake in Nigeria LNG. The announcement therefore reduces its interest in this onshore joint venture without ending its Nigerian operations. Financial consideration, any accounting gain and the transaction’s effect on production or cash flow were not disclosed.

Sources:

• eni.com