Nigerian Energy Player Chappal Energies Acquires Equinor’s Nigerian Assets
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Ufoma Immanuel, Chappal Energies Managing Director
Chappal Energies has acquired Equinor Nigeria Energy Company (ENEC), marking the end of Equinor ASA’s 32-year presence in Nigeria. This landmark deal grants Chappal Energies a 53.85% stake in Oil Mining Lease (OML) 128 and a 20.21% interest in the Agbami oil field, operated by Chevron. The Agbami field, one of Nigeria’s largest offshore assets, has produced over one billion barrels of oil since its inception in 2008.
The acquisition also gives Chappal Energies operatorship of OML 129, which includes untapped fields such as Nnwa-Doro, a key resource under Nigeria’s Decade of Gas initiative. Managing Director Ufoma Immanuel called the deal a milestone, highlighting its alignment with Chappal’s goal of combining production stability with new development opportunities.
The company plans to enhance asset efficiency under Nigeria’s Petroleum Industry Act (PIA), potentially boosting the Nnwa-Doro project’s value by over $1 billion while reducing production costs.
Source: Innovation Village
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