Equinor exits Nigeria, sells business to Chappal Energies
The sale of Equinor Nigeria Energy Company (ENEC), which owns a 53.85% ownership in oil and gas lease OML 128 and includes a unitized 20.21% stake in the Agbami oil field operated by Chevron, has been agreed to between Equinor and Chappal Energies.
Since its establishment in 1992, Equinor has been a major player in the development of Agbami, Nigeria’s largest deep-water field. The Agbami field has produced more over one billion barrels of oil since production began in 2008, adding value for the partners and the Nigerian people.
Over the past 30 years, Nigeria has played a significant role in Equinor’s global portfolio. Value is realized in this deal, which is consistent with Equinor’s plan to concentrate on core competencies and optimize its global oil and gas portfolio. According to Nina Koch, senior vice president for Africa operations at Equinor, “Chappal Energies is a dedicated Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come.”
“After three decades of enduring legacy, we are excited to take over the baton from Equinor,” says Ufoma Immanuel, Managing Director of Chappal Energies. Our success will primarily be measured by our social and development impact, with value generation, environmental sustainability, and community participation at its core. We are dedicated to promoting sustainable growth and assisting in Nigeria’s economic prosperity both now and in the future, and we are confident in our capacity to have a long-lasting effect.
