Equinor Transfers Assets to Chappal Energies
Norwegian energy giant Equinor has officially divested its Nigerian operations, including its stake in the Agbami oil field, to locally owned Chappal Energies.
This move signifies the conclusion of Equinor’s influential presence in Nigeria spanning three decades.
The deal encompasses the sale of Equinor Nigeria Energy Company (ENEC), holding a majority 53.85% interest in oil and gas lease OML 128, along with a unitised 20.21% share in the Chevron-operated Agbami oil field.
Equinor played a pivotal role in the evolution of Nigeria’s oil and gas sector, notably contributing to the success of the Agbami field, which has yielded over 1 billion barrels of oil since its establishment in 2008.
Nina Koch, Equinor’s Senior Vice President for Africa Operations, expressed, “Nigeria has been an important part of Equinor’s international portfolio over the past 30 years. This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”
Chappal Energies, the acquiring entity, is a Nigerian energy company dedicated to advancing the acquired assets and enhancing contributions to the Nigerian economy.
Ufoma Immanuel, Managing Director of Chappal Energies, commented, “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.”
The completion of the transaction is contingent upon obtaining regulatory and contractual approvals.