Chappal Energies has finalized its acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, after announcing the transaction in 2023.
On November 29, 2023, Equinor Nigeria confirmed the sale of ENEC, which holds a 54% stake in the OML 128 oil and gas lease, to Chappal Energies.
One year later, Mauritius-registered Chappal Energies finally completed the acquisition of Equinor Nigeria Energy Company (ENEC) on December 6, 2025.
The total value of the deal is estimated at up to $1.2 billion, with $710 million as the purchase price and the remainder made up of 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.”
