Chappal Energies yesterday said it has acquired a 10 percent non-operated interest Sale and Purchase Agreement with Total Energies, EP, Nigeria Limited, onshore and shallow water assets within the Shell Petroleum Development Company, SPDC, Joint Venture, JV, in the Niger Delta.
Commenting on the achievement, the Managing Director of Chappal Energies, Mr. Ufoma Immanuel expressed optimism on the development noting that the acquisition marks a significant expansion in the Niger Delta, thereby diversifying its Nigeria footprint between the offshore and onshore basins.
He added “Chappal Energies becomes the first Nigerian company to execute two significant transactions within a 12-month period.
“The transaction is poised to bring substantial benefits to stakeholders, including shareholders, employees, local communities, and the national economy. The closing is subject to certain conditions, including all regulatory and contractual approvals.
The transaction which is 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, specifically the Forcados and Bonny terminals that are part of the SPDC JV.
However, 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) has a 5 percent stake in the Joint Venture.
