Nigerian oil major, Aradel Holdings Plc, has announced the acquisition of a 5.14% minority equity stake in Chappal Energies Mauritius Limited.
This was revealed in a circular issued by the company spokesperson, Titilola Omisore, on Tuesday and obtained by Energy in Africa.
This acquisition follows closely after the Chappal Energies purchase of Equinor’s oil assets in Nigeria, demonstrating a strategic focus on expanding its presence in the Nigerian energy market.
Chappal acquired the Norwegian energy company’s oil assets valued at $1.2 billion, securing a 53.85% stake in OML 128 and the Agbami oil field, which has delivered over 1 billion barrels of oil, contributing significantly to Nigeria’s economy.
The Agbami oil field is majorly operated by Chevron, with a 67.30% interest, alongside Prime 127, who holds the remaining 12.49%.
Speaking on the recent acquisition by Aradel Holdings Plc, the managing director of the company, Falade, said:
“This acquisition is in line with diversifying our asset base, deepening our gas competencies, and gaining access to offshore basins using low-risk approaches.
“We recognize the strategic role of gas in Nigeria’s energy future and are happy to expand our equity holding in this critical resource. Aradel hopes to bring its proven execution competencies to bear in supporting Chappal’s development of these opportunities“.
Aradel, however, noted that “completion and relevant” notification processes of the deal are still ongoing.
Chappal Energies, on the other hand, has earlier announced that it has entered into a Sale and Purchase Agreement (SPA) to acquire TotalEnergies EP Nigeria Limited’s 10% non-operated interest in its onshore and shallow water assets within the SPDC JV in the Niger Delta.
The transaction is expected to close by December 31, 2024, and 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.
