OSLO : Equinor has closed the planned sale of its assets in Nigeria and Azerbaijan for a total consideration of up to $2 billion, completing exits from the two countries after some 30 years, the Norwegian oil and gas firm said on Monday.
FILE PHOTO: The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner/File Photo
"The exits enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio," the company said without elaborating. In Nigeria, Equinor sold its assets, including a 20.21 per cent stake in the Agbami oil field operated by Chevron, to Chappal Energies for up to $1.2 billion, consisting of $710 million in cash and the remainder in contingent payments.In Azerbaijan it sold a 7.27 per cent stake in the Azeri Chirag Gunashli field, a 8.71 per cent stake in the Baku-Tbilisi-Ceyhan oil pipeline and a 50 per cent stake in the Karabagh project to Azerbaijan's SOCAR and India's ONGC for a total of $745 million.
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