On 29 November 2023, after over 30 years in Nigeria, Equinor announced that it reached an agreement to sell its Nigerian business to Chappal Energies. The closing of the transaction, which is subject to the satisfaction of certain conditions including all regulatory and contractual approvals, will lead to Equinor effectively exiting the country.
Read the full press release here
How to find us in Nigeria
13th Floor, Heritage Place
21 Lugard Avenue, Ikoyi
Over two decades of progress
We have been in Nigeria since 1992 and have played a significant role in developing the country’s biggest deepwater field Agbami, utilising one of the world’s largest floating production, storage and offloading vessels. It is located 110 kilometres off the Nigerian coast in water depths of 1,500 metres. It has been developed using subsea wells and is the world’s largest floating production, storage and offloading (FPSO) vessel. The FPSO can store up to 2.2 million barrels of oil and will be on location for more than 20 years.
Equinor also operates two exploration licences—OMLs 128 and 129—with a 53.85% share in both. Six wells have been drilled in both, with two discoveries made.
While the Nnwa discovery is predominantly comprised of gas as well as some oil, Bilah is a gas and condensate discovery. Both discoveries remain undeveloped today.
We have been extensively involved in community work in connection with our operations in Nigeria. For over 20 years with the Akassa project, we developed innovative community engagement and empowerment schemes that served as a model elsewhere. It is part of our values to be a responsible partner industrially and socially.
Operations in Nigeria
- Equinor has been in Nigeria since 1992.
- Equinor has played a significant role in developing Nigeria’s biggest deep-water field, Agbami, utilising one of the world’s largest floating production, storage and offloading vessels.
- Daily equity production of 26,000 (2021)
- Equinor has a 20.21% stake in the Agbami oil field, while Chevron is the operator with 67.30% interest and Prime 127 holds the remaining 12.49%.
- We have drilled 10 wells with 40% discovery rate and invested more than US$3.5 billion.
- Equinor is a supplier of refined products in Nigeria.
Sustainability In Nigeria
For over two decades, we supported the Akassa Community in Brass Local Government Area of Bayelsa State through the Akassa Development Foundation. Various empowerment projects cutting across women and youth empowerment, vocational training and donating community centres. The support evolved around addressing limitations to community development and won several awards for good corporate governance.
Since 2008, Equinor and Agbami partners have donated 28 fully equipped chest clinics to combat the Tuberculosis scourge in Nigeria, in addition to providing scholarships to 16,000 students in the fields of Medicine and Engineering. In partnership with the other Agbami Parties, Equinor is helping to ensure Nigerians have access to technical skills, quality education and employment opportunities through the execution of projects in various parts of the country. The projects are executed to improve access to quality education, healthcare and better life across the country.
The projects which include science laboratories are donated to schools across Nigeria to raise the standard of education and chest clinics to health institutions, hospitals and state governments to help bring quality healthcare delivery to the people. We have also been donating electronic libraries to schools in all parts of the country.
Equinor has paid over US$ 3 billion in taxes to the Federal Government of Nigeria, which ultimately also creates value for society.
Equinor’s Corporate Social Responsibility strategy for Nigeria has recently been reshaped in line with the objectives set by the Federal Government of Nigeria through the National Petroleum Investment Management Services. Our focus areas are Education and Healthcare.