Norway's Equinor has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources said.
Equinor's exit is part of the company's efforts to focus on newer and more profitable assets, the sources said.
Nigeria's offshore oil and gas operations remain lucrative due to their larger scale, better security and attractive financial terms offered by the government.an oil overhaul bill that had been in the works for nearly two decades and which offered operators long-term fiscal stability. Equinor launched the sale process after last year signing a deal with Nigeria's national oil company NNPC to extend by two decades the licence for offshore block OML 128, which is part of the Agbami field.
The Norwegian company, which has been present in Nigeria since 1992, also holds a 53.85% stake in exploration licence OML 129, according to its website.to a new record last year, driven by European gas prices hitting all-time highs in the wake of Russia's invasion of Ukraine last February.Additional reporting by Nerijus Adomaitis in Oslo; Editing by Kirsten Donovan
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