Chappal Energies announced the acquisition of a 10% non-operated interest from Total Energies, EP, Nigeria Limited, involving onshore and shallow water assets in the Shell Petroleum Development Company (SPDC) Joint Venture (JV) in the Niger Delta.
Managing Director Ufoma Immanuel expressed optimism about this significant expansion in the Niger Delta, highlighting that it diversifies Chappal Energies’ footprint between offshore and onshore basins in Nigeria.
He noted that this acquisition makes Chappal Energies the first Nigerian company to execute two major transactions within a year.
The transaction, expected to close by December 31, 2024, includes a 10% interest in 15 Oil Mining Leases (OMLs) and two main export terminals, Forcados and Bonny.
The Nigerian National Petroleum Corporation Limited (NNPCL) holds a 55% stake, SPDC operates with a 30% stake, and Nigerian Agip Oil Company (NAOC) has a 5% stake in the JV. The closing is subject to regulatory and contractual approvals.