Norwegian energy company Equinor has ended its 31-year presence in Nigeria’s oil and gas sector, completing the sale of its assets in a $1.2 billion deal. The sale, finalized on December 6, includes $710 million in upfront payments and contingent considerations.
Equinor divested its 53.85 percent stake in Oil Mining Lease (OML) 128, which includes a 20.21 percent interest in the Agbami oil field, one of Nigeria’s largest deep-water oil fields. The field has produced over a billion barrels of oil since operations began in 2008.
“Nigeria has been an important country in our international portfolio for decades,” said Philippe Mathieu, Equinor’s executive vice president for international exploration and production. “Together with partners and suppliers, we have created significant value for Equinor and society at large.”
The buyer, Chappal Energies, takes over OML 129, including the untapped Nnwa-Doro gas field, which has been dormant for over 20 years despite its potential to boost Nigeria’s energy supply.
“The exits enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio,” Mathieu added.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
