The closing of the transaction is still subject to all regulatory and contractual approvals. (Source: Shutterstock)
Equinor is selling its Nigerian business Equinor Nigeria Energy Co. (ENEC) to Nigerian-owned Chappal Energies, Equinor announced Nov. 29 in a press release.
Equinor has been operating in Nigeria since 1992, drilling approximately 10 wells with a 40% discovery rate and investing US$3.5 billion. This divestment comes as the company focuses on optimizing its oil and gas portfolio and boosting its core areas.
ENEC operates two exploration licenses—OML 128 and OML 129—and owns 53.85% interest in each. In the Agbami field, Nigeria’s biggest deep-water field, ENEC holds a 20.21% stake, while Chevron as operator holds 67.30% interest and Prime 127 holds 12.49%.
“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,” Nina Koch, Equinor senior vice president for Africa operations, said in the press release.
“We are excited to take over the baton from Equinor after three decades of enduring legacy,” Ufoma Immanuel, managing director of Chappal Energies, added. “Value creation, environmental stewardship and community engagement are at the heart of everything we do, and our social and development impact will be the most important measurement of our success.
The closing of the transaction is still subject to all regulatory and contractual approvals.
Recommended Reading
APA Group to Build Pipeline in Expanding Australian Gas Play
2024-12-17 - APA Group will build and operate a 12-inch, 23-mile natural gas pipeline for a proposed 40-MMcf/d pilot drilling project in Australia.
More Oil, Gas Exploration Needed Now—WoodMac
2024-11-25 - New discoveries can reduce costs and emissions intensity while delivering value for resource holders and explorers, Wood Mackenzie analysts said.
TotalEnergies Awards SBM Offshore FPSO GranMorgu Development Contract
2024-11-15 - SBM will construct and install a floating production, storage and offloading vessel for TotalEnergies alongside its partner Technip Energies, the company said.
TGS Extends Appalachian Basin 3D Seismic Survey
2024-10-23 - TGS said the survey, which is positioned up-dip from the Utica condensate and gas trend, will target 276 sq miles of “key” formations in the Appalachian Basin.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-10-04 - The oil and gas rig count fell by two to 585 in the week to Oct. 4.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.