Equinor has announced the sale of its Nigerian company, ENEC, to Chappal Energies, a Nigerian-owned energy company.

Subject to regulatory approvals, the transaction includes ENEC’s 53.85% ownership in oil and gas lease OML 128, which also includes a 20.21% stake in the Agbami oil field operated by Chevron.

Equinor has been operating in Nigeria since 1992 and has played a significant role in the development of the country’s largest deep-water field, Agbami. Since its production began in 2008, the Agbami field has produced over 1 billion barrels of oil, creating value for both the partners and Nigerian society.

According to Nina Koch, Equinor’s senior vice president for Africa Operations, this transaction is in line with the company’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,” Koch added.

Ufoma Immanuel, Managing Director of Chappal Energies, commented, saying, “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.”