Equinor, the Norwegian energy giant, has officially concluded its nearly 31-year business presence in Nigeria, finalizing the sale of its oil assets on December 6, 2024. The divestment, valued at up to $1.2 billion, includes a $710 million purchase price, with the remainder contingent on future performance payments.
Philippe Mathieu, Equinor’s Executive Vice President for International Exploration and Production, emphasized that the sale aligns with the company’s strategy to focus its international portfolio. “With this exit, we realize value and continue to execute on our strategy to concentrate on projects that ensure long-term production and profitability,” said Mathieu. He further acknowledged Nigeria’s critical role in Equinor’s global portfolio, noting that the company, along with its partners and suppliers, has made a significant impact on both Equinor and the broader society during its tenure.
The decision to divest from Nigeria was first announced in 2023, marking a shift in Equinor’s operational focus. Over the past few years, the company has pursued a strategy of optimizing its oil and gas assets, reflecting a broader trend in the industry towards streamlining portfolios in favor of more competitive and sustainable projects.
The move also underscores the changing dynamics in Nigeria’s oil sector, where international oil companies have increasingly reduced their presence amid environmental concerns, changing regulatory frameworks, and growing competition from local operators.
Equinor’s departure from Nigeria marks the end of an era for the company, which has been involved in key oil exploration and production activities in the country since 1993. Despite the exit, the company expressed its gratitude to Nigeria and its workforce, acknowledging their contributions to the company’s operations and success over the decades.
This divestment is expected to provide Equinor with greater flexibility to focus on high-value projects as it continues to adapt to the evolving global energy landscape, particularly in the renewable energy sector.
