Equinor of Norway has completed the sale of its 20.21 percent interest in the Agbami oil field, which is operated by Chevron.
The Punch reported that the Nigerian company Chappal Energies, owned by Equinor, announced on Wednesday that the company will purchase Equinor’s portion of the Agbami oil field for an undisclosed sum.
Equinor Nigeria Energy Company’s 53.85% stake in Oil Mining Licence 128 was one of the assets up for sale.
Equinor has been present in Nigeria since 1992.
“This deal maximizes value and is consistent with Equinor’s plan to enhance its global oil and gas portfolio and focus on core areas,” said Nina Koch, Equinor’s senior vice president for Africa operations.
“Chappal Energies is a dedicated energy company owned by Nigerians, with the goal of further developing the assets and making long-term economic contributions to Nigeria,” she continued.
As per Equinor, the transaction’s closing is contingent upon a number of factors, such as obtaining all necessary regulatory and contractual approvals.
