⁣The Norwegian energy firm, Equinor, has indicated an interest in selling off its stake in the offshore Agbami oilfield.
Reuters reported that the company has launched the sale of its stake in the offshore asset, joining ExxonMobil, Shell and TotalEnergies who have sought to sell off assets in Nigeria.
According to Reuters, Equinor has hired investment bank Standard Chartered to run the sale process, which could raise $1 billion.
Equinor said it has invested over $3.5 billion in its 20.21% stake in the Agbami oil field. Meanwhile, Chevron is the operator with 67.30% interest and Prime 127 holds the remaining 12.49%. Equinor has drilled 10 wells with a 40% discovery rate.
Equinor launched the sale process after signing a deal in 2022 with the Nigerian National Petroleum Company (NNPC) Limited, to extend by two decades the license for offshore block OML 128, which is part of the Agbami field.