Norwegian energy company Equinor, exits Nigeria after 30 years. Sells off all their Nigerian businesses, including its share in the Agbami oil field operated by Chevron.
Equinor (EQNR.OL) said on Wednesday it had 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.
“Our business in Nigeria has been very profitable and we expect to book a gain when the deal closes,” an Equinor spokesperson said.
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 (CVX.N).
The transaction marks the end of Equinor’s three-decade presence in Nigeria.
Equinor has been a significant player in the development of Nigeria’s oil and gas sector, particularly in the Agbami field, which has produced over 1 billion barrels of oil since its inception in 2008.
The transaction represents the latest in international oil companies’ (IOCs) sales of Nigerian assets.
In September 2023, Oando Plc agreed to acquire a 100 percent stake in Eni’s subsidiary – Nigerian Agip Oil Company Limited (NAOC Ltd).
Seplat Energy Plc, in February 2021, agreed to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil for $1.3 billion.
However, both deals are yet to receive ministerial consents and other regulatory approvals.
In 2016, Chevron Nigeria Limited formally handed over the producing assets in OMLs 53 and 55 to Seplat Petroleum Development Company Plc.
