Yemisi Izuora

Norwegian oil firm, Equinor, has announced major divestment from Chevron’s operated Agbami field in a move signaling significant offloading of its business interests in Nigeria.

Equinor said on Wednesday it had agreed to sell its Nigerian business, including the company’s share in the Agbami oil field, to Nigerian-owned Chappal Energies.

Equinor did not reveal the price of the transaction.

“Our business in Nigeria has been very profitable and we expect to book a gain when the deal closes,” an Equinor spokesperson said.

The Norwegian group will sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85 per cent ownership in oil and gas lease OML 128, including a 20.21 per cent stake in the Agbami field, operated by Chevron.

Equinor’s presence in Nigeria dates back to 1992, the company said in a statement.

“This transaction realises value and is in line with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas,” said Nina Koch, Equinor’s senior vice president for Africa operations.

“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.

Closing of the transaction is subject to certain conditions including all regulatory and contractual approvals, Equinor said