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Equinor to Sell Stake in Agbami Oilfield in Nigeria

OIL
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Equinor is to sell its stake in the offshore Agbami oilfield in Nigeria according to Reuters sources.

  • Equinor was entitled to net production of around 25k boepd through its 20.2% stake in the Agbami field although the field production has fallen in recent years.
  • Western energy firms including Exxon Mobil, Shell and TotalEnergies are exiting or scaling back from Nigeria. Shell and Exxon sales have been delayed by regulatory hurdles. The Equinor sale is due to plans to focus on newer and more profitable operations according to Reuters sources.
  • Onshore operations in Nigeria have been impacted by oil theft and vandalism in recent years. Offshore oil and gas operations remain lucrative due to their larger scale, better security, and attractive financial government terms.
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Equinor is to sell its stake in the offshore Agbami oilfield in Nigeria according to Reuters sources.

  • Equinor was entitled to net production of around 25k boepd through its 20.2% stake in the Agbami field although the field production has fallen in recent years.
  • Western energy firms including Exxon Mobil, Shell and TotalEnergies are exiting or scaling back from Nigeria. Shell and Exxon sales have been delayed by regulatory hurdles. The Equinor sale is due to plans to focus on newer and more profitable operations according to Reuters sources.
  • Onshore operations in Nigeria have been impacted by oil theft and vandalism in recent years. Offshore oil and gas operations remain lucrative due to their larger scale, better security, and attractive financial government terms.