(Bloomberg) – Chappal Energies has accomplished the acquisition of Equinor Nigeria Vitality Firm, a unit of Norway-based Equinor ASA, a transaction first introduced in 2023.
Nigerian regulators authorized the transaction in November after months of delay. It was accomplished by way of Challenge Odinmim, a particular objective car owned by Chappal, at an undisclosed sum.
The deal provides Mauritius-registered Chappal management of ENEC, which holds 53.85% possession within the oil and gasoline lease OML 128, together with a 20.2% stake within the Chevron-operated Agbami oil discipline, in addition to the operatorship of OML 129, the corporate mentioned in an emailed assertion on Saturday.
The acquisition “brings speedy manufacturing and cashflow advantages,” mentioned Ufoma Immanuel, managing director of Chappal Energies.
Rand Service provider Financial institution, a division of South Africa-based First Rand Financial institution Restricted, acted as the only real monetary adviser to Chappal Energies on the deal, considered one of a number of in Africa’s largest crude producing nation this yr.
Oil majors, together with Shell Plc, Eni and Exxon Mobil Corp. have divested or are within the processing of offloading property within the West African nation — principally in onshore and shallow water blocks — to home producers as they reduce down their publicity to a difficult surroundings tormented by ageing infrastructure and rampant oil theft.
