Chappal Procures TotalEnergies’ Stake In Nigeria’s Oil Assets For $860m

For $860 million, Chappal Energies has agreed to buy TotalEnergies’ share of the nation’s oil assets.

As per Bloomberg, the agreement entails a 10 percent stake in fifteen oil mining leases and the export ports of Forcados and Bonny, which are under the joint venture of Shell Petroleum Development Company.

READ ALSO: Equity: Total transactions in Nigerian equities market fall 36% in April to N346 billion – NGX

According to a Bloomberg statement, Chappal’s funding will come from a financial institution chosen by the French firm or from an organization connected to TotalEnergies.

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

The deal is expected to close by Dec. 31.