Equinor Agrees to Sell Nigerian Business and Agbami Oil Field Stake to Chappal Energies

Equinor Agrees to Sell Nigerian Business and Agbami Oil Field Stake to Chappal Energies

(IN BRIEF) Equinor has reached an agreement to divest its Nigerian business, including its 53.85% ownership in oil and gas lease OML 128, which encompasses a 20.21% stake in the Agbami oil field operated by Chevron, to Nigerian-owned Chappal Energies. Equinor has been operating in Nigeria since 1992 and has played a significant role in the development of Nigeria’s largest deep-water field, Agbami, which has produced over 1 billion barrels of oil since its inception in 2008. This strategic move aligns with Equinor’s international portfolio optimization strategy, focusing on core areas, while Chappal Energies aims to continue developing these assets and contributing to Nigeria’s economic growth.

(PRESS RELEASE) STAVANGER, 30-Nov-2023 — /EuropaWire/ — Equinor sells its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Energies.

Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including the unitised 20.21% 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 1 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 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,” says Nina Koch, Equinor senior vice president for Africa Operations.

Ufoma Immanuel, Managing Director of Chappal Energies, comments: ‘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.’

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

About Chappal Energies: 

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 optimisation, and infrastructure replacement.

About Equinor: 

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our 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. We are present in around 30 countries worldwide.

Media Contact:

Tel: +47 51 99 00 00

SOURCE: Equinor ASA