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Equinor sells Nigerian business to Chappal Energies

 Equinor has sold its Nigerian business, including its share in the Agbami oil field to Nigerian-owned energy company Chappal Energies.??

Both companies entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitised 20.21 per cent stake in the Agbami oil field, operated by Chevron.

Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami.

Since production started in 2008, the Agbami field has produced more than one (1) billion barrels of oil, creating value for the partners and 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.