Norwegian energy giant Equinor has recently finalized the sale of its Nigerian operations, inclusive of its stake in the prolific Agbami oil field, to the Nigerian-owned entity Chappal Energies. This transaction marks the conclusion of Equinor’s noteworthy three-decade involvement in Nigeria.
The comprehensive agreement encompasses the divestment of Equinor Nigeria Energy Company (ENEC), which possesses a substantial 53.85% interest in the oil and gas lease OML 128. This includes a unitized 20.21% ownership in the Agbami oil field, a Chevron-operated venture.
Equinor has played a pivotal role in shaping Nigeria’s oil and gas sector, notably in the development of the Agbami field. Since its establishment in 2008, the Agbami field has contributed significantly, yielding over 1 billion barrels of oil under Equinor’s strategic involvement.
“Nigeria has been an important part of Equinor’s international portfolio over the past 30 years,” stated Nina Koch, Equinor senior vice president for Africa Operations. “This transaction realises value and is in line with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas.”
Chappal Energies, the acquiring company, is a Nigerian-owned energy firm committed to further developing the acquired assets and contributing to the Nigerian economy.
“We are excited to take over the baton from Equinor after three decades of enduring legacy,” remarked Ufoma Immanuel, Managing Director of Chappal Energies. “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.”
