Ayodeji Ayenuwa
Equinor, the Norwegian energy giant, has finalized a deal to divest its Nigerian business, including its stake in the Agbami oil field, to Chappal Energies, a Nigerian-owned company.
The agreement includes the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85% share in oil and gas lease OML 128, as well as a 20.21% interest in the Chevron-operated Agbami field.
Equinor, a key player in Nigeria since 1992, played a significant role in developing the Agbami deep-water field, yielding over 1 billion barrels of oil since its commencement in 2008.
According to Nina Koch, Equinor’s Senior Vice President for Africa Operations, “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.“
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However, the successful closure of this deal is subject to meeting specific conditions, including regulatory and contractual approvals. This strategic divestiture by Equinor falls in line with a broader trend of international oil companies shedding Nigerian assets.
In the broader context, this transaction emphasizes the sustained importance of Nigeria in Equinor’s global portfolio over the past thirty years. As Equinor remains committed to long-term value creation in a low-carbon future, it underscores its ambition to achieve net-zero status by 2050.
Chappal Energies, the Nigerian acquiring company, has expressed enthusiasm about taking over Equinor’s legacy.
Ufoma Immanuel, Managing Director of Chappal Energies, stated, “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.”
Chappal Energies, known for unlocking latent value in Nigeria’s oil and gas sector, places particular emphasis on values such as value creation, environmental stewardship, and community engagement.
Immanuel added, “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.”
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