Italian group decides to shift capital towards more promising projects while remaining active in deep waters. Eni sells onshore oil activities in Nigeria. In Cyprus, it enters the main gas project by Emma Bonotti (ANSA). The company will remain present in the African country through its operations in deep water and LNG. On the island, a first methane development is taking shape with contracts valued according to market estimates between $1.3 billion and $1.8 billion. The listening is reserved for premium subscribers.

October 26, 2026 Updated at 17:28 2 minutes of reading MILANO - For Eni, it's time to make order in its portfolio of upstream projects. Shift capital from 'not strategic' activities towards poles of greater growth, whether in Latin America, Indonesia, Africa or the Mediterranean.

It was the last time the company operated onshore in sub-Saharan Africa.

According to the company's statement, the sale is already approved by all competent authorities and 'is aligned with Eni's upstream optimization strategy through portfolio rebalancing and divestment of non-strategic assets'. The company does not leave the country (nor even the continent) but retains exploration and development activities for projects in very deep waters - including the license for block OPL 245, which is at the center of a long judicial battle - and participation in about 10% of Nigerian LNG, for natural gas liquefaction production and commercialization.

In upcoming months, it is expected that the final investment decision will be made for project Zabazaba-ETAN, part of precisely the OPL 245 block, confirming ever-increasing interest from Eni in offshore and deep offshore.

Today, Eni has decided to shift its capital from its onshore oil activities in Nigeria to more promising projects, while remaining active in very deep waters. This move responds to Eni's optimization strategy, which is based on rebalancing its portfolio and divesting non-strategic assets. The company remains present in African water depths and LNG operations but has chosen to focus on its deepwater activities, such as those underway in Cyprus. Additionally, the company plans to continue participating in exploration and development of deepwater projects, including those that are currently underway in Nigeria.

In the coming months, a final investment decision will be made for the project Zabazaba-Etan, which represents a new opportunity for Eni in the offshore and deep offshore sectors.