Business

JUST IN: Equinor Completes Assets Sale, Ends 31-Year Business Partnership With Nigeria

Published

2 years ago

December 10, 2024

474 Views

Norwegian energy giant, Equinor has announced the decision to end its almost 31-year business partnership with Nigeria, after finalising the sale of its oil assets.

A statement by the company on Monday said the sale of its assets was completed on December 6, 2024.

“With this exit, we realise the value and execute on our strategy to focus the international portfolio, and in combination with recent acquisitions and investments in our competitive projects, we seek to sustain long-term production and profitability,” says Philippe Mathieu, executive vice president for international exploration and production in Equinor.

The value of the transaction amounted to up to $1.2 billion, consisting of a purchase price of $710 million and the remainder in contingent payments.

“Nigeria has been an important country in our international portfolio for decades. Together with partners and suppliers, we have created significant value for Equinor and society at large. I would like to thank Nigeria and our employees in Nigeria for their great work and dedication over the years and wish our people well in the transition of their professional journey,” Mathieu continues.

The divestments of assets and exits from operations in Nigeria were first announced in 2023.

The international oil company said the assets sale is in line with the strategy of optimising its oil and gas portfolio.

“The exits enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio,” he added.

The total equity production from the assets has been on average 18,700 barrels of oil per day, respectively, in the first three quarters of 2024.

The closing of these transactions will have a positive impact on the cash flow for the fourth quarter of 2024, the company said.

The deal grants Chappal Energies a 53.85 per cent ownership stake in Oil Mining Lease (OML) 128, including a unitised 20.21 per cent interest in the prolific Agbami oil field operated by Chevron.

The Agbami field is one of Nigeria’s largest deep-water oil fields, which began production in 2008 and has produced over one billion barrels of oil to date, solidifying its importance as one of the country’s most productive offshore assets.

In addition to the acquisition, Chappal Energies will assume operatorship of OML 129, an asset with considerable potential.

The block includes the Nnwa, Bilah, and Sehki discoveries, with the Nnwa discovery being part of the larger Nnwa-Doro gas field. Nnwa-Doro, a major gas resource, has been stranded for over 20 years despite its vast reserves and strategic importance to Nigeria’s energy goals.

Business

Dangote Cement Shelves $18 billion Listing On LSE

Its shares will remain listed on the Nigerian Exchange, and the decision will not affect its operations or business plans.

Published

16 hours ago

November 11, 2026

OCHEFA

80 Views

Dangote Cement Plc has abandoned plans for a secondary listing of $18 billion on the London Stock Exchange and preferring to keep its shares exclusively on the Nigerian Exchange (NGX).

The decision , according to the company is because the LSE has been struggling to attract major new listings as companies increasingly reconsider their presence on the UK bourse.

In May this year , Aliko Dangote said that he was holding early discussions about a potential London listing.

The move would have given the company access to a broader pool of international investors and additional sources of capital.

However, the company said on Tuesday that it had abandoned the plan, citing market conditions and strategic priorities. Its shares will remain listed on the Nigerian Exchange, and the decision will not affect its operations or business plans.

Business

I sold heavy weapons internationally – Orji Kalu

“Yes, so I stopped because my parents, my mother, my father came and said I must stop, and I stopped,” he said.

Published

2 days ago

November 10, 2026

OCHEFA

92 Views

The Senator representing Abia North, Orji Kalu, has disclosed that he previously engaged in the international trade of heavy weapons, selling arms to buyers in different countries before quitting the business at the insistence of his parents.

Kalu made the revelation during an interview on Arise Television on Monday, while discussing his business background and relationships with former and current South African leaders.

Asked whether he was an arms dealer, the former Abia State governor answered in the affirmative, saying he stopped after his parents intervened.

“Yes, so I stopped because my parents, my mother, my father came and said I must stop, and I stopped,” he said.

Asked whether he sold weapons to people who intended to use them to kill others, Kalu dismissed the suggestion, saying his motivation was to make money.

“No, no, no, no, no, no. I was selling guns to make money, whether they blow up it’s not my business,” he said