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News analysis

Equinor to Offload Nigerian Oil Assets

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Equinor has reportedly hired Standard Chartered to assist in a sale of it’s stake in an offshore oilfield in Nigeria, industry sources told Reuters on Wednesday, in what could be the latest attempt of a major oil firm to divest operations in the African OPEC member.

The potential sale of Equinor’s 20% stake in the Agbami field offshore Nigeria could fetch up to $1 billion, according to Reuters’ sources.

Equinor reportedly wants to sell its stake to focus on more profitable and newer projects, the sources said. The rumored sale makes Equinor the latest oil major looking to either exit or downsize operations in Nigeria.

Equinor and Standard Chartered declined to comment.

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