Chappal Energies has officially concluded the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, solidifying its presence in Nigeria’s energy sector.
Initially announced in November 2023, the transaction saw Equinor sell its 54% stake in the OML 128 oil and gas lease to Chappal Energies. The acquisition was finalized on December 6, 2025, following a year-long process.
The deal is valued at up to $1.2 billion, comprising a $710 million purchase price and additional contingent payments.
Equinor Nigeria confirmed, “Chappal Energies has acquired all of Equinor’s assets in Nigeria. Local employees will continue with the newly transferred company under its new ownership, marking Equinor’s complete exit from Nigeria.”
This acquisition underscores Chappal Energies’ commitment to expanding its footprint in the region while marking a strategic shift for Equinor as it exits the Nigerian market.
