Equinor Concludes Sale of Stake in Chevron’s Agbami Oil Field to Chappal Energies

Norwegian energy company Equinor has successfully finalized the sale of its 20.21 per cent stake in Chevron’s Agbami oil field.

The transaction, including Equinor’s 53.85 per cent ownership in Oil Mining License 128, was completed with Nigerian-owned Chappal Energies. The financial details of the deal have not been disclosed.

Equinor, a longstanding player in Nigeria’s energy sector since 1992, views this divestment as a strategic move in line with its broader international oil and gas portfolio optimization strategy.

Nina Koch, Equinor’s Senior Vice President for Africa Operations, commented on the transaction, stating, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.”

Chappal Energies, the acquiring entity, is a committed Nigerian-owned energy company with ambitions to further develop the assets, contributing significantly to the Nigerian economy.

The completion of the transaction remains contingent on various conditions, including regulatory and contractual approvals.

Equinor’s exit from the Agbami oil field signifies a shift in its global asset portfolio management, enabling the company to concentrate on its core operational areas.

The deal aligns with the broader industry dynamics and demonstrates Equinor’s commitment to strategic alignment and operational efficiency.