- Chappal Energies focuses on investing in high-value, distressed brownfield upstream assets in the Niger Delta.
- TotalEnergies revealed that 15 of the licenses are primarily oil-producing, contributing approximately 14,000 barrels of oil equivalent per day in 2023.
TotalEnergies has announced that it sold its 10 per cent stake in a set of Nigerian oil and gas production licenses to Mauritius-based Chappal Energies for $860 million.
This sale involves 18 licenses, which are part of an unincorporated joint venture with Shell Petroleum Development Company of Nigeria (30 per cent stake), the Nigerian National Petroleum Corporation (55 per cent), and the Nigerian Agip Oil Company (5 per cent).
Chappal Energies focuses on investing in high-value, distressed brownfield upstream assets in the Niger Delta. TotalEnergies revealed that 15 of the licenses are primarily oil-producing, contributing approximately 14,000 barrels of oil equivalent per day in 2023.
In addition, the remaining three licenses produce natural gas and currently account for 40 per cent of TotalEnergies’ liquefied natural gas (LNG) supply from Nigeria. Despite this divestment, TotalEnergies will maintain full economic interest in the assets.
Nicolas Terraz, president of exploration and production at TotalEnergies, noted that this divestment will enable the company to focus its onshore operations in Nigeria, specifically on the integrated gas value chain, ensuring a consistent feed gas supply to Nigeria LNG moving forward. The deal is expected to close by the end of the year, subject to regulatory approvals.