Norwegian Energy Giant Equinor Exits Nigeria after Asset Sale
Equinor, the Norwegian energy company, has officially ended its nearly three-decade-long business relationship with Nigeria after completing the sale of its oil assets to Chappal Energies. The company confirmed in a statement released on Monday that the asset sale was finalized on December 6, 2024.
Philippe Mathieu, Executive Vice President for International Exploration and Production at Equinor, stated, “With this departure, we realize the value and implement our strategy to streamline the international portfolio. Alongside recent acquisitions and investments in our competitive projects, we aim to maintain long-term production and profitability.”
The total value of the deal reached up to $1.2 billion, including a purchase price of $710 million and additional contingent payments. Mathieu expressed gratitude to Nigeria and the employees for their hard work and commitment over the years.
Equinor had announced its plans to divest its assets and exit operations in Nigeria in 2023, aligning with its strategy to optimize its oil and gas portfolio. The asset sale marks a significant step in this direction.
Chappal Energies now owns a 53.85% interest in Oil Mining Lease (OML) 128, which includes a stake in the renowned Agbami Oil Field managed by Chevron. The Agbami field is one of Nigeria’s largest deep-water oil fields, having produced over one billion barrels of oil since its inception in 2008.
As part of the acquisition, Chappal Energies will also take over the operatorship of OML 129, a promising asset with significant potential for further development.
