- Equinor holds a 53.9 per cent interest in oil & gas lease OMLs 128 and 129.
- The Agbami field has produced over one billion barrels of oil since production began in 2008.
Equinor, a multinational energy company in Norway, has sold its Nigerian business to Chappal Energies as it exits the country. The firms disclosed this in a statement, stating that the transaction includes Equinor Nigeria Energy Company’s 20.2 per cent stake in Chevron-operated Agbami, the country’s largest deep-water oilfields. The statement added that the pact would fulfil conditions such as regulatory and contractual approvals.
Equinor holds a 53.9 per cent interest in oil and gas lease OMLs 128 and 129. These two Oil Mining Leases have had six drilled wells and two discoveries. According to Equinor’s website, the Agbami field has produced over one billion barrels of oil since production began in 2008. It is also the world’s largest floating production, storage, and offloading (FPSO) vessel, storing up to 2.2 million barrels of oil.
The senior vice president for Africa Operations at Equinor, Nina Koch, said, “This transaction realises value and aligns with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas. 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.”