Fossil Energy – Nigeria
Equinor sells its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Energies.
Equinor and Chappal Energies have entered into an agreement for 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 present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami. Since production started in 2008, the Agbami field has produced more than 1 billion barrels of oil, creating value for the partners and the Nigerian society.
The closing of the transaction is subject to the satisfaction of certain conditions including all regulatory and contractual approvals.