Equinor will sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, along with the unitised 20.21% stake in the Agbami oil field, operated by US-based oil and gas company Chevron
Nigeria’s largest deep-water field, Agbami. (Credit: Equinor)
Norway-based oil and gas company Equinor has agreed to divest its Nigerian business, including its share in the Agbami oil field, to Nigerian-based energy company Chappal Energies.
Equinor has signed an agreement with Chappal Energies to sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128.
The acquisition also includes the unitised 20.21% stake in the Agbami oil field, being operated by US-based oil and gas company Chevron.
The closing of the transaction is subject to the satisfaction of certain conditions including all regulatory and contractual approvals.
Equinor Africa Operations senior vice president Nina Koch 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.
“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.”
Equinor has been present in Nigeria since 1992 and has played an important role in developing Agbami, the largest deep-water field in Nigeria.
The Agbami field started production in 2008 and has produced more than 1 billion barrels of oil.
Chappal Energies is an energy company focused on latent value in Nigeria and Africa’s oil and gas resources, energising ageing assets.
The company provides solutions that enhance longevity, operational efficiency, and water management and improve logistics, gas development, capex optimisation, and infrastructure.
Chappal Energies managing director Ufoma Immanuel said: “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.”