Equinor (EQNR.OL), the Norwegian oil and gas giant, has officially exited Nigeria after completing the sale of its assets in the country for up to $2 billion. This marks the end of a 30-year presence in Nigeria, as well as Azerbaijan, where it also finalised divestments.
The company announced the conclusion of the transactions on Monday, following a divestment plan revealed in 2023. Equinor stated that the move aligns with its strategy to streamline its international portfolio and focus on regions where it can create greater value.
“These exits enable us to invest deeper in countries where we can maximize value and build a more focused and robust international portfolio,” the company noted, without providing further specifics.
In Nigeria, Equinor sold its 20.21% stake in the Agbami oil field—operated by Chevron (CVX.N)—to Chappal Energies for a sum of up to $1.2 billion. This includes $710 million in cash and additional contingent payments tied to market prices and other conditions.
Equinor’s operations in Nigeria yielded a net production of 17,700 barrels of oil equivalent per day (boed) in the first three quarters of 2024.
In Azerbaijan, Equinor divested its stakes in several major projects:
A 7.27% interest in the Azeri Chirag Gunashli (ACG) oil field.
An 8.71% stake in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline.
A 50% share in the Karabagh oil project.
These assets were sold to Azerbaijan’s SOCAR and India’s ONGC for $745 million.
Equinor’s operations in Azerbaijan accounted for a net production of 24,600 boed during the first three quarters of 2024.
The asset sales are expected to boost Equinor’s cash flow in the fourth quarter of 2024, supporting its broader strategy to increase international output. The company is now prioritizing investments in emerging fields across Brazil, the UK, and the US, targeting an additional 100,000 boed by 2030.
This divestment underscores Equinor’s focus on consolidating its global presence while pivoting toward regions with higher growth potential.
