Italian company divests onshore and shallow-water assets to rebalance upstream portfolio. Italian oil major Eni has completed the sale of a Nigeria-based subsidiary, as it directs its focus to deep-water assets in the African nation.

In a statement issued on Monday, Eni said it sold its Agip Energy and Natural Resources (AENR) division to Apex Global Energy, a company owned by Sterling Oil, one of Nigeria’s leading onshore operators. Financial terms were not disclosed.

AENR is engaged in onshore and shallow-water exploration and production in Nigeria, holding a 5% interest in the Renaissance joint venture.

According to Eni, the transaction is in line with the company’s strategy to optimise its upstream activities by rebalancing the portfolio and divesting non-strategic assets.