Equinor takes in $2 billion from Nigeria, Azerbaijan exits

Equinor takes in up to $2 billion from Nigeria, Azerbaijan exits

STAVANGER, December 9, 2024 – Equinor has finalised its exits from Nigeria and Azerbaijan and taken in up to USD 2 billion from the transactions, the Norwegian company said on Monday.

The company spent more than three decades active in each country before announcing the divestments last year.

Equinor had equity production of 24,600 bopd in Azerbaijan and 18,700 bopd Nigeria, averaged from the first three quarters of 2024.

For the divestment of the full portfolio in Azerbaijan, the company will receive a total cash consideration of USD 745 million. The value of the transaction in Nigeria is up to USD 1.2 billion, consisting of a purchase price of USD 710 million and the remainder in contingent payments, the company said in a press release.

Equinor’s Nigeria divestments involved the sale of assets including a 20.21% stake in the Chevron-operated Agbami oilfield to Chappal Energies for up to USD 1.2 billion.

In Azerbaijan, the company divested a 7.27% stake in the Azeri Chirag Gunashli field, an 8.71% stake in the Baku-Tbilisi-Ceyhan oil pipeline and a 50% stake in the Karabagh project. The assets were sold to NOC SOCAR and India’s ONGC for a total of USD 745 million.

“With these exits we realise value and execute on our strategy to focus the international portfolio, and in combination with recent acquisitions and investments in our competitive projects, we seek to sustain long-term production and profitability,” said Philippe Mathieu, executive vice-president for international exploration and production at Equinor.

Photo courtesy of BP.

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