Equinor sells its Nigerian operations to Nigerian-owned Chappal Energies, including its stake in the Agbami oil field.
Equinor and Chappal Energies have agreed to sell Equinor Nigeria Energy Company (ENEC), which owns 53.85% of oil and gas lease OML 128, including a unitised 20.21% holding in the Chevron-operated Agbami oil field.
Equinor has been present in Nigeria since 1992 and has been instrumental in the development of the country’s largest deep-water field, Agbami.
Since its inception in 2008, the Agbami field has produced more than 1 billion barrels of oil, generating wealth for its partners as well as Nigerian society.
“Nigeria has been an important part of Equinor’s international portfolio over the past 30 years. This transaction realises value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas. Chappal Energies is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come,” says Nina Koch, Equinor Senior Vice President for Africa Operations.
Ufoma Immanuel, Managing Director of Chappal Energies, comments: ‘We are excited to take over the baton from Equinor after three decades of enduring legacy. Value creation, environmental stewardship, and community engagement are at the heart of everything we do, and our social and development impact will be the most important measurement of our success. We are confident in our ability to make a lasting impact and are committed to fostering sustainable growth and contributing to Nigeria’s economic prosperity now and in the future.’
The acquisition is subject to the fulfillment of various conditions, including regulatory and contractual approvals.