Norwegian energy company Equinor has announced the sale of its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Energies. The transaction marks the end of Equinor’s three-decade presence in Nigeria.
The agreement covers 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 a significant player in the development of Nigeria’s oil and gas sector, particularly in the Agbami field, which has produced over 1 billion barrels of oil since its inception in 2008.
“Nigeria has been an important part of Equinor’s international portfolio over the past 30 years,” stated Nina Koch, Equinor senior vice president for Africa Operations. “This transaction realises value and is in line with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas.”
Chappal Energies, the acquiring company, is a Nigerian-owned energy firm committed to further developing the acquired assets and contributing to the Nigerian economy.
“We are excited to take over the baton from Equinor after three decades of enduring legacy,” remarked Ufoma Immanuel, Managing Director of Chappal Energies. “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.”