Daily Management Review

Equinor to sell stake in Nigerian oil field


According to sources cited by Reuters, the Equinor energy corporation of Norway has begun selling its 20.21% ownership of the Nigerian offshore oil field Agbami.

Norwegian energy company Equinor "is selling its stake in an offshore oil field in Nigeria, following the departure of Western energy companies focused on new and more lucrative projects."

According to the Equinor website, the corporation held a 20.21% ownership stake and produced 26,000 barrels of oil per day from the Agbami field. The American corporation Chevron is in charge of running the site.

The sale procedure, which may net Equinor up to $1 billion, was reportedly organized by the British investment bank Standard Chartered. ExxonMobil, Shell, and TotalEnergies, among other Western oil goliaths, are reportedly planning to leave Nigeria or scale back their activities there, particularly in onshore operations, which have over the years been plagued by theft and spills.

source: reuters.com