Equinor Sells Its Nigerian Business to Chappal Energies

Published: December 6, 2023 |

[Click image to enlarge]

Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 percent ownership in oil and gas lease OML 128, including the unitized 20.21 percent 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 billion barrels of oil, creating value for the partners and the Nigerian society.

“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 is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come,” said Nina Koch, Equinor senior vice president for Africa Operations.

“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. 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,” said Ufoma Immanuel, managing director of Chappal Energies.

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

Chappal Energies is an energy company focusing 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, produced water management, improved evacuation logistics, gas development, capex optimization, and infrastructure replacement.

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Their purpose is to turn natural resources into energy for people and progress for society. Equinor’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. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. They are present in around 30 countries worldwide.

Be in-the-know when you’re on-the-go!

FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.

CLICK HERE to register your email address.

For licensing permission, .(JavaScript must be enabled to view this email address)