2 publishers · first seen Thu, 29 Oct 2026 08:12 UTC · updated Thu, 29 Oct 2026 11:29 UTC
Sterling Oil Exploration and Energy Production Company Limited, owned by the Sandesara family, has acquired Eni’s Nigerian subsidiary Agip Energy and Natural Resources (Nigeria) Limited (AENR), gaining a 5% interest in the Renaissance joint venture in the Niger Delta. The deal, completed on October 26 through Apex Global Energy Limited, a wholly owned subsidiary of Sterling Oil, was conducted at an undisclosed price. The Renaissance joint venture is operated by Renaissance with a 30% stake, alongside Nigerian National Petroleum Company Limited (55%) and TotalEnergies (10%). On October 27, TotalEnergies sold its stake to Vaaris Energy for about ₹6,700 crore ($800 million).
Sterling Oil, a privately held, debt-free company, has operated in Nigeria since 2005, developing the Okwuibome field under Oil Mining Lease 143 in Anambra State. It has exported over 13 million barrels of crude oil to Indian public-sector refiners this year. Eni described Sterling Oil as “one of Nigeria’s leading operators in the onshore segment” and will retain its deep offshore assets and stake in Nigeria LNG.
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