Equinor, the Norwegian energy giant, has exited Nigeria after three decades of operations, finalizing the $1.2 billion sale of its assets to Nigerian-owned Chappal Energies. The transaction includes a 20.21% stake in the Agbami oil field, operated by Chevron, with $710 million paid in cash and the rest tied to contingent payments. This move aligns with Equinor’s strategy of streamlining its international portfolio and focusing on areas offering greater value. The company has also exited Azerbaijan, divesting assets worth $745 million, with plans to reinvest in growth markets such as Brazil, the UK, and the US.
Chappal Energies, which acquired Equinor’s Nigerian assets, has pledged to continue developing the Agbami field, which has produced over 1 billion barrels of oil since 2008. Equinor stated that the sale reflects its efforts to optimize its global operations while allowing Chappal to contribute to Nigeria’s economic development. Chappal’s Managing Director, Ufoma Immanuel, emphasized the company’s commitment to sustainable growth, environmental stewardship, and community engagement as core drivers of its strategy.
Equinor’s departure marks the end of a significant chapter in Nigeria’s energy sector, where it played a crucial role in developing deep-water oil fields. With net production in Nigeria averaging 17,700 barrels of oil equivalent per day in 2024, the Agbami field remains a key asset. Chappal Energies aims to revitalize these resources while focusing on operational efficiency and long-term sustainability, ensuring continued contributions to Nigeria’s economy.
