A Norwegian oil and gas company, Equinor (EQNR.OL) has finally exited Nigeria after selling its assets.
According to reports, the company concluded the sale of its assets in the country.
In the same vein, Equinor pulled its investments out of Azerbaijan and also sold its assets there.
Investors King gathered that the sold assets of the company in the two countries totalled $2 billion.
The company had spent 30 years in the duo nations before exiting.
The completion of the divestments was announced on Monday.
In recent weeks, the divestment process had started before it was eventually completed this week.
In Nigeria, Equinor sold a 20.21 percent stake in the Agbami oil field, operated by Chevron (CVX.N), to Chappal Energies for up to $1.2 billion, consisting of $710 million in cash and the rest in contingent payments.
Equinor did not disclose the way market prices or other factors might influence those contingent payments.
In Azerbaijan, the company sold its 7.27 percent stake in the Azeri Chirag Gunashli (ACG) field, an 8.71 percent stake in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, and a 50 percent stake in the Karabagh project to Azerbaijan’s SOCAR and India’s ONGC for $745 million.
Equinor’s net production in the first three quarters of 2024 was 24,600 boed in Azerbaijan and 17,700 boed in Nigeria.
With the sale of the assets, it is expected that Equinor’s cash flow in the fourth quarter will be increased. They align with the company’s strategy to optimise its international portfolio.
It was gathered that the collapse of operations in Nigeria and Azerbaijan will enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio.
The European countries that Equinor looks forward to establishing their businesses include the United Kingdom, the United States of America and Brazil.
In these three countries, the company aims to increase its international output by 100,000 barrels of oil equivalent per day (boed) by 2030.