Italian energy giant Eni is significantly restructuring its operations in Nigeria as of July 2026, pivoting away from onshore assets to focus strictly on multi-billion dollar deepwater oil and gas projects.Major Deepwater Pivot & $20bn InvestmentFollowing the formal resolution of the long-standing OPL 245 legal dispute earlier this year, the Nigerian government has urged Eni to accelerate its $20 billion deepwater oil projects.Eni is prioritizing the Etan-Zabazaba deepwater fields. These assets are being developed alongside major deepwater expansions by other majors to revitalize Nigeria’s upstream sector.The settlement converted the disputed OPL 245 block into four new licences (two Petroleum Mining Leases and two Petroleum Prospecting Leases) operated by Nigerian Agip Exploration (NAE) alongside Shell and NNPC.LNG
Eni remains focused on gas supply into the Nigeria LNG (NLNG) facility on Bonny Island to support global exports.
Eni’s exit from local joint ventures is entering its final stages.
Eni is actively considering bids from multiple indigenous independent exploration and production (E&P) companies to sell its 5% stake in the Renaissance/Total/Eni/NNPC Joint Venture.Assets Included: The transaction involves 13 onshore Oil Mining Leases (OMLs) and two shallow-water blocks (OML 74 and OML 79).This follows Eni’s previous completed sale of its Nigerian Agip Oil Company (NAOC) onshore business to Oando PLC.
Note by Alessandro Bazzoni