Chappal Acquires Agbami Oil Field from Equinor
By Adedapo Adesanya
Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including the unitized 20.21 per cent stake in the Agbami oil field, operated by Chevron.
Speaking on the deal, Equinor’s senior vice president for Africa Operations, Ms Nina Koch, said Nigeria has been an important part of Equinor’s international portfolio over the past 30 years, noting that, “This transaction realizes value and is in line with Equinor’s strategy to optimize its international oil and gas portfolio and focus on core areas.
“Chappal Energies is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come,” she added.
Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deepwater oil field, Agbami. Since production started in 2008, the Agbami field has produced more than 1 Bbbl of oil, creating value for the partners and the Nigerian society.
On its part, Chappal Energies is an energy company focusing on unlocking latent value in Nigeria and Africa’s oil and gas resources, revitalizing ageing assets with solutions that secure longevity, including enhancing operational efficiency, produced water management, improved evacuation logistics, gas development, capex optimization, and infrastructure replacement.
Speaking on the deal, Mr Ufoma Immanuel, Managing Director of Chappal Energies, commented, ‘We are excited to take over the baton from Equinor after three decades of enduring legacy. Value creation, environmental stewardship, and community engagement are at the heart of everything we do, and our social and development impact will be the most important measurement of our success.
“We are confident in our ability to make a lasting impact and are committed to fostering sustainable growth and contributing to Nigeria’s economic prosperity now and in the future.”