December 10, (THEWILL) – Norwegian energy giant, Equinor has exited the upstream business in Nigeria and Azerbaijan after completing oil and gas asset sales of $2 billion.
The divestments of assets and exits from operations in Nigeria were first announced in 2023.
In a statement on Monday, Equinor said, the sale of its assets was completed on December 6, 2024; adding that it will receive $745 million for its portfolio in Azerbaijan and up to $1.2 billion for the sale of its Nigerian assets.
Equinor sold its assets in Nigeria to Chappal Energies.
These included a 53.85% ownership in oil and gas lease OML 128, including the unitized 20.21% stake in the Agbami oil field, operated by Chevron.
In Azerbaijan, the Norwegian firm sold its shares of 7.27% in Azeri Chirag Gunashli with 6.655% to SOCAR (State Oil Company of Azerbaijan) and 0.615% to India’s ONGC.
Equinor also sold its total shares of 8.71% in the Baku-Tbilisi-Ceyhan pipeline, with 7.96% to SOCAR and 0.75% to ONGC.
“With these exits, 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,” said Philippe Mathieu, Executive Vice President For International Exploration and Production in Equinor.
These divestments and exits “enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio,” Mathieu added
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.
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