The Norwegian oil and gas company Equinor has finalised the planned sale of its assets in Nigeria and Azerbaijan for a total consideration of up to US$2bn, completing its exit from the two countries after 30 years of presence. The divestments were first announced in 2023 and are in line with Equinor's strategy to optimise its international portfolio.
In Nigeria, Equinor sold its assets, including a 20.21% stake in the Agbami oil field operated by Chevron, to Chappal Energies for up to US$1.2bn, consisting of US$710m in cash and the remainder in contingent payments.
In Azerbaijan Equinor sold a 7.27% stake in the Azeri Chirag Gunashli (ACG) field, an 8.71% stake in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline and a 50% stake in the Karabagh project to Azerbaijan's SOCAR and India's ONGC for a total of US$745m.
Equinor has previously said it plans to increase its international output by some 100 kb/d by 2030 by bringing on stream new fields in Brazil, the United Kingdom and the United States.