Business a.m.
The oil company listed on the Nigerian Exchange said in a notice that Chappal, an energy company, focuses on investments in deep value and brownfield upstream opportunities within Africa.
Chappal recently announced the acquisition of Equinor Nigeria Energy Company Limited (ENEC). Details revealed that Equinor Nigeria holds a 53.85 percent ownership in oil and gas lease OML 128, including the unitised 20.21% stake in the Agbami oil field, operated by Chevron.
“Since production started in 2008, the Agbami field has produced more than one billion barrels of oil, creating value for the Nigerian society and the various stakeholders”, Aradel highlights.
The oil company said as part of the deal, Chappal will assume the operatorship of OML 129, which includes several significant prospects and undeveloped discoveries (Nnwa, Bilah and Sehki).
It said Nnwa discovery is part of the giant Nnwa-Doro field, a major gas resource with significant potential to deliver value for Nigeria.
In a separate transaction, on the 17th of July 2024, Chappal and Total Energies announced that they had signed an SPA for the acquisition by Chappal of 10 percent of the SPDC JV.
Aradel told the Exchange that the relevant parties to this transaction are working towards closing out this transaction and Ministerial Approval and NNPC consent to accede to the Joint Operating Agreement have been obtained.
Commenting on the deal, Adegbite Falade, Aradel Holding Chief Executive Officer said, “This acquisition is in line with diversifying our asset base, deepening our gas competences and gaining access to offshore basins using low risk approaches.
“We recognise the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource. We are committed to the cause of developing the significant value inherent in the assets, which will be extremely beneficial to the country.
“Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities.”
