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Mauritius based Chappal Energies Mauritius Limited has successfully completed the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway-based Equinor ASA, which held a 53.85% ownership in oil and gas lease OML 128, including a 20.21% stake in the Agbami oil field, operated by Chevron.
The transaction which was announced in 2023, closed on 6 December 2024 following necessary regulatory approvals. The value of the transaction amounts to up to $1.2 billion, consisting of a purchase price of $710 million and the remainder in contingent payments.
All of Equinor’s assets in Nigeria have now been transferred to Chappal Energies as part of transaction. The employees will continue to be employed by Equinor under the control of the Chapel Energies, marking a complete country exit for Equinor after 32 years.
The acquisition was executed through Project Odinmims, a special-purpose vehicle owned by Chappal Energies. With this purchase, Chappal Energies now holds a 53.85% stake in Oil Mining Lease (OML) 128, which includes a 20.2% interest in the Chevron-operated Agbami oil field, one of Nigeria’s largest offshore fields. Additionally, Chappal gains operational control of OML 129, further solidifying its position in the region.
This acquisition comes less than a year after Chappal Energies acquired Total Energies 10% interest in the SPDC JV licenses in Nigeria for $860 million.
TEMPLARS advised Equinor ASA on the sale of its Nigerian subsidiary, Equinor Nigeria Energy Company, to Chappal Energies Mauritius Limited.
Dentons ACAS-Law advised Chappal Energies Mauritius Limited in connection with its acquisition.
Banwo & Ighodalo acted as Nigerian counsel to the lenders in connection with the debt financing of the acquisition by Chappal Energies.
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