Equinor said on Wednesday it has agreed to sell its Nigerian business, including the company’s share in the Agbami oil field, to Nigerian-owned Chappal Energies.
Equinor did not reveal the price of the transaction.
The Norwegian group will sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including a 20.21% stake in the Agbami field, operated by Chevron.
Equinor’s presence in Nigeria dates back to 1992, the company said in a statement.
“This transaction realises value and is in line with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas,” said Nina Koch, Equinor’s senior vice president for Africa operations.
“Chappal Energies is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come,” she added.
Closing of the transaction is subject to certain conditions including all regulatory and contractual approvals, Equinor said.
Reuters
