Chappal Energies Completes Acquisition Of Equinor Nigeria 

Chappal Energies has finalised its acquisition of Equinor Nigeria Energy Company (ENEC), a deal which grants the indigenous firm a 53.85 percent interest in oil and gas lease OML 128.

This includes a unitised 20.21 percent stake in the prolific Agbami oil field, operated by Chevron, marking a significant milestone for Nigeria’s energy sector.

The Agbami field, which began production in 2008, has yielded over one billion barrels of oil, contributing substantially to Nigeria’s economy and stakeholders. Alongside this, Chappal Energies assumes operatorship of OML 129, which encompasses high-potential prospects and undeveloped discoveries, including the Nnwa, Bilah, and Sehki fields.

The acquisition highlights the strategic importance of the Nnwa-Doro field, a vast gas resource that has remained untapped for over two decades. The development of this asset is expected to bring substantial economic benefits to shareholders, employees, local communities, and the Nigerian economy.

Chappal Energies aims to align the development of Nnwa-Doro with Nigeria’s “Decade of Gas” initiative, a national strategy to harness gas resources for economic growth and energy security.

Speaking on the acquisition, Ufoma Immanuel, Managing Director of Chappal Energies, described it as a landmark achievement for an indigenous firm.

“We are proud to announce this milestone as an indigenous company acquiring a stake in an offshore production-sharing contract through a competitive process. This acquisition aligns with our objectives of securing existing production alongside development opportunities,” Immanuel said.

He extended gratitude to key figures and institutions, including President Bola Ahmed Tinubu, the Honourable Minister of State for Petroleum Resources (Oil), Mr. Heineken Lokpobiri, and the Honourable Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo.

Special recognition was given to Mr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC), and Mr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for their regulatory guidance.

The acquisition not only provides Chappal Energies with immediate production and cash flow benefits but also bolsters its vision of becoming a transformative force in Africa’s energy sector. The company reiterated its commitment to responsible and efficient operations while contributing to Nigeria’s economic prosperity and energy sustainability.

This development highlights the growing capability of indigenous companies to lead transformative projects in Nigeria’s upstream sector, heralding a new chapter in the country’s energy narrative.