Chappal Energies announced yesterday that it has acquired a 10 percent non-operated interest through a Sale and Purchase Agreement with Total Energies EP Nigeria Limited. This agreement involves onshore and shallow water assets within the Shell Petroleum Development Company (SPDC) Joint Venture (JV) in the Niger Delta.
The Managing Director of Chappal Energies, Mr. Ufoma Immanuel, expressed optimism about the development, noting that this acquisition marks a significant expansion in the Niger Delta, diversifying Chappal Energies’ presence across both offshore and onshore basins in Nigeria.
Immanuel stated, “Chappal Energies becomes the first Nigerian company to execute two significant transactions within a 12-month period. This transaction is poised to bring substantial benefits to stakeholders, including shareholders, employees, local communities, and the national economy.” He added that the closing of the transaction is subject to certain conditions, including regulatory and contractual approvals.
The transaction, expected to close by December 31, 2024, includes a 10 percent interest in 15 Oil Mining Leases (OML) and two main export terminals in Nigeria: the Forcados and Bonny terminals, which are part of the SPDC JV. Within this Joint Venture, the Nigerian National Petroleum Corporation Limited (NNPCL) holds a 55 percent stake, SPDC operates with a 30 percent stake, and Nigerian Agip Oil Company (NAOC) holds a 5 percent stake.
