Chappal acquires TotalEnergies' stake in Nigeria's oil assets for $860m

Chappal acquires TotalEnergies’ stake in Nigeria’s oil assets for $860m

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Chappal Energies has agreed to purchase TotalEnergies’ stake in the country’s oil assets for $860 million.

According to Bloomberg, the deal includes a 10 percent interest in 15 oil mining leases and the Forcados and Bonny export terminals, part of the Shell Petroleum Development Company joint venture.

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Chappal’s financing will be provided by an entity related to TotalEnergies or a financial institution selected by the French company, according to a statement by Bloomberg.

Trading house Trafigura and a syndicate of international banks are also providing funds.

The deal is expected to close by Dec. 31.

Oladehinde Oladipo

Dipo Oladehinde is a skilled energy analyst with experience across Nigeria's energy sector alongside relevant know-how about Nigeria’s macro economy. He provides a blend of market intelligence, financial analysis, industry insight, micro and macro-level analysis of a wide range of local and international issues as well as informed technical rudiments for policy-making and private directions.

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