Norwegian oil and gas firm, Equinor has completed its planned sale of its assets in Nigeria and Azerbaijan for a total value of up to $2 billion.
According to Reuters, the firm announced on Monday that it concluded its exit from the two countries after about 30 years.
According to a statement from the group, the divestitures, which were first announced in 2023 and finished in recent weeks, will improve cash flow in the fourth quarter and were consistent with Equinor’s goal to optimise its worldwide portfolio.
Equinor has previously stated that it intends to bring new fields in Brazil, Britain, and the United States online in order to boost its global output by about 100,000 barrels of oil equivalent per day by 2030.
Equinor sold Chappal Energies its assets in Nigeria, including a 20.21% share in Chevron‘s Agbami oil field, for up to $1.2 billion. The sale included $710 million in cash and the remaining amount in contingent payments.
As a result of the development, which signifies the organisation’s departure from Nigeria, Chappal would hold a 53.85% ownership position in oil and gas lease OML 128, which includes a unitised 20.21 per cent holding in Chevron’s Agbami oil field.
