Nigeria: Equinor completes sale of business

Equinor has completed the sale of its Nigerian business, which includes its stake in the Agbami oil field, to the Nigerian-owned energy company Chappal Energies.

Equinor and Chappal Energies have finalized the sale of Equinor Nigeria Energy Company (ENEC), encompassing a 53.85% stake in oil and gas lease OML 128, inclusive of the unitized 20.21% share in the Agbami oil field operated by Chevron.

With a presence in Nigeria since 1992, has played a pivotal role in the development of Agbami, the country’s largest deep-water field.

Since its commencement in 2008, the Agbami field has yielded over one billion barrels of oil, contributing substantial value to both the partners involved and the broader Nigerian society.

Equinor Senior Vice President for Africa Operations, Nina Koch, in a statement, said “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.”

Koch stated that 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.

For the Managing Director of Chappal Energies, Ufoma Immanuel, “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.”

He expressed confidence in his company’s ability to make a lasting impact. “We are committed to fostering sustainable growth and contributing to Nigeria’s economic prosperity now and in the future,” the Chappal Energies boss said. 

The closing of the transaction is, however, subject to the satisfaction of certain conditions including all regulatory and contractual approvals.

Chappal Energies focuses on unlocking latent value in Nigeria and Africa’s oil and gas resources, revitalizing aging assets with solutions that secure longevity, including enhancing operational efficiency.

On the other hand, Equinor is an international energy company committed to long-term value creation in a low-carbon future. Its purpose is to turn natural resources into energy for people and progress for society.

The company’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050.