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Vinson & Elkins Advises Equinor on Exit from Nigeria

Deals & Cases
December 9, 2024
Deals & Cases
December 9, 2024

Vinson & Elkins represented Equinor ASA (Equinor) in the sale of its Nigerian subsidiary, Equinor Nigeria Energy Company (ENEC), including its share in the giant Agbami oil field (Nigeria’s largest deep-water field), to Chappal Energies. The transaction closed on December 6, 2024, following the receipt of all necessary regulatory approvals.

The total value of the transaction is up to USD 1.2 billion, consisting of a purchase price of USD 710 million and additional contingent payments. As part of the agreement, Equinor has transferred all its Nigerian assets to Chappal Energies and does not retain any material liabilities, aside from certain contractual obligations under the transaction agreements.

This marks a complete exit from Nigeria for Equinor, with all local employees transitioning to the control of Chappal Energies with the transferred company.

The Vinson & Elkins team was led by partners Alex Msimang and  Nadine Amr, with support from partner Louise Woods and with assistance from associates Afzaal Abidi, Nick Morgan, Nonku Zondo, Francesca Bell and Louis Molloy.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 13 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.

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