Equinor completes withdrawal from E&P in Nigeria, Azerbaijan

Equinor has completed the sales of its upstream businesses in Azerbaijan and Nigeria at an estimated price of up to $2 billion.

Its total equity production from assets in these countries had averaged more than 43,000 bbl/d of oil.

Chappal Energies has acquired Equinor Nigeria Energy Co., which has a 53.85% ownership in the oil and gas lease OML 128, including a unitized 20.21% stake in the Chevron-operated Agbami oil field.

Equinor, which entered the Nigerian E&P sector in 1992, helped develop the field, which has produced more than 1 Bbbl since its startup in 2008.

All its assets and local employees in Nigeria have transferred to Chappal Energies.

In Azerbaijan, Equinor has completed a transaction under the amended and restated sales and purchase agreement for the offshore Azeri Chirag Gunashli (ACG) field and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline.

The company has sold its 7.27% interest in ACG to SOCAR and ONGC, and its 8.71% in BTC to the same companies.

Here, too, Equinor had been present since 1992.