Norwegian energy giant Equinor bids farewell to its three-decade venture in Nigeria, completing the sale of its Nigerian business, Equinor Nigeria Energy Company (ENEC), to indigenous firm Chappal Energies.
The deal encompasses the company’s 53.85% stake in oil and gas lease OML 128, featuring a unitized 20.21% share in the prolific Agbami oil field operated by Chevron.
Nina Koch, Equinor’s Senior VP for Africa Operations, emphasized the strategic move: “This transaction realizes value and aligns with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”
The company played a pivotal role in Nigeria’s oil and gas sector, notably contributing to the Agbami field, which has yielded over 1 billion barrels of oil since 2008.
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Chappal Energies, the acquirer, voiced commitment to continuity and growth. Ufoma Immanuel, Managing Director of Chappal Energies, expressed enthusiasm: “We are excited to take over the baton from the company after three decades of enduring legacy.” Immanuel emphasized the company’s values, stating, “Value creation, environmental stewardship, and community engagement are at the heart of everything we do.”
The handover marks a shift in ownership but underscores Chappal Energies’ dedication to developing the acquired assets and contributing to Nigeria’s economic landscape.