Equinor Completes Strategic Divestment of Agbami Oil Field Stake, to Chappal Energies

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Equinor, a longstanding player in the Nigerian energy sector since 1992, has divested its Nigerian business, including its 53.85% stake in the oil and gas lease OML 128, encompassing a 20.21% interest in the Chevron-operated Agbami oil field, to Chappal Energies, a Nigerian-owned entity.

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This strategic move aligns with Equinor’s international portfolio optimization strategy, emphasizing a focus on core areas. The Agbami field, a significant deep-water asset in Nigeria, has contributed over 1 billion barrels of oil since its inception in 2008, fostering value for partners and the Nigerian society.

The transaction is contingent upon fulfilling specific conditions, encompassing regulatory and contractual approvals.

Nina Koch, Equinor’s Senior Vice President for Africa Operations, notes the importance of Nigeria in Equinor’s international portfolio and emphasizes Chappal Energies’ commitment to further developing the assets for sustained contributions to the Nigerian economy.

Ufoma Immanuel, Managing Director of Chappal Energies, expresses enthusiasm about inheriting Equinor’s legacy and highlights the company’s dedication to value creation, environmental stewardship, and community engagement, with a focus on fostering sustainable growth and contributing to Nigeria’s economic prosperity.

The closing of the deal is pending satisfaction of requisite conditions, including approvals.

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