July 21, 2024
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OIL & GAS RENEWABLE ENERGY

Norwegian Oil Company to Sell its Nigerian Business

Norwegian oil company Equinor has announced its intention to divest Chevron’s operated Agbami field. This indicates its significant offloading of its business interest in Nigeria.

The company has agreed to sell its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Petroleum Development Company, according to National Economy.

Equinor Nigeria Energy Company (ENEC), which holds 53.85 per cent ownership in oil and gas lease OML 128, with a 20.21 per cent stake in the Agbami field. The move aligns with Equinor’s strategy to optimize its international oil and gas portfolio.

The transaction is subject to regulatory and contractual approvals, with Equinor expressing its expectation to book a gain upon completion.

 

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