In the past couple of years several local companies have been “buying off” onshore and shallow water assets owned by major international oil companies that have been exiting the country.
Chappal Energies, Oando, Renaissance ( a consortium of some Nigerian Exploration and Production companies (ND Western Limited, Aradel Holdings Plc., First Exploration and Petroleum Development Company Limited, the Waltersmith Group) and Seplat Energies are rising up to fill the vacuum left by the exit of OICs from the Niger Delta of Nigeria.
Chappal Energies: Unlocking Latent Resources
Towards the end of 2023, Norway’s national oil company agreed to sell its Nigerian business, Nigeria Energy Company (ENEC), to Nigerian owned company, Chappal Energies. The sale includes the unitized 20.21% interest Chevron operates in the company’s deepwater Agbami oil field, which has produced over one billion barrels of oil for Equinor since 1992.
Following the deal Equinor expects the local firm to grow its long-held assets in Nigeria as the country seeks to improve its economy.
Ufoma Immanuel, managing director at Chappal Energies expects to see positive developments after the change of ownership, saying Chappal has just the sort of attitude and drive Nigeria needs in its indigenous petroleum business and is well positioned to “unlock latent value in Nigeria and Africa’s oil and gas resources.”
This story is from the August 2024 edition of Offshore Africa.
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This story is from the August 2024 edition of Offshore Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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