Eni is in the process of selling its 5% interest in the Renaissance joint venture in Nigeria, marking another step in the broader retreat of international oil majors from the country’s onshore assets. The divestment, disclosed in 2026, has attracted interest from multiple bidders, including local and international exploration firms, as reported by CNBC Africa.
The Renaissance joint venture, formerly part of Shell’s onshore operations controls a network of oil and gas licences in the Niger Delta, with partners including NNPC Limited and other investors. Eni’s stake, though relatively small, is considered strategically important given the scale of the assets and their contribution to Nigeria’s production base, as outlined by ThisDay Live.
The planned sale is estimated at between $400 million and $500 million and is being managed through a competitive bidding process, with requirements that favour well-capitalised buyers, as highlighted by Vanguard Nigeria and The Nation.
Eni’s move follows similar exits by other oil majors, including Shell and TotalEnergies, as global energy companies shift focus toward offshore assets and lower-risk portfolios. Analysts say the transaction reflects a wider restructuring of Nigeria’s oil sector, with increasing transfer of onshore operations to indigenous firms and investors.
