Equinor Sells its Nigerian Business to Chappal Energies
Norwegian state-owned energy company Equinor is selling its Nigerian business to energy company Chappal Energies, Equinor said in a press release.
“Equinor and Chappal Energies have entered into an agreement to sell to Equinor Nigeria Energy Company (ENEC), which owns a 53.85% stake in the OML 128 oil and gas field,” the statement said.
It is also clarified that the deal includes Equinor’s share in the Agbami oil field, which is operated by the American Chevron. Equinor’s share is 20.21%, the company accounted for 26 thousand barrels of oil produced per day.
Closing of the transaction is subject to receipt of necessary regulatory approvals and satisfaction of certain conditions, the release adds.
According to the company, Equinor has been present in Nigeria since 1992 and has contributed to the development of the country’s main field, Agbami. Since production began in 2008, the total volume of oil produced has been more than 1 billion barrels.
The energy group Equinor was founded in 1972, and until May 2018 it was called Statoil. The company operates in approximately 30 countries. The largest shareholder is Norway.
