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Equinor sells its Nigerian assets to Chappal Energies

The Norwegian state-owned energy company Equinor has entered into an agreement to sell its Nigerian assets, including its stake on the Chevron-operated Agbami offshore oil field, to the Nigerian company Chappal Energies. According to the agreement, Chappal Energies will acquire Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including the unitised 20.21% stake in the Agbami oil field. This transaction, whose closing is subject to regulatory and contractual approvals, is in line with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas.

Nigeria's oil and gas production is concentrated in the hands of five majors (Shell, TotalEnergies, Chevron, ExxonMobil, and Eni), accounting for three quarters of total oil production in 2021 (compared to 80% in 2020) and more than 80% of the national gas output in 2021.

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