Norway’s Equinor has concluded the sale of its 20.21 per cent stake in Chevron’s operated Agbami oil field.
Equinor said on Wednesday that it had agreed to sell its share in the Agbami oil field to Nigerian-owned Chappal Energies for an undisclosed amount.
The assets to be sold also included Equinor Nigeria Energy Company’s 53.85 per cent ownership in Oil Mining License 128.
Equinor’s presence in Nigeria dates back to 1992.
“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.