Chappal Energies has entered into a sale and purchase agreement to acquire TotalEnergies Exploration and Production Nigeria Limited's untapped 10% stake in its onshore and shallow-water assets within the Shell Petroleum Development Company joint venture in the Niger Delta.

Under the agreement signed with Chappal Energies, TotalEnergies EP Nigeria will sell to Chappal Energies its 10% stake, as well as all associated rights and obligations, in 15 licenses of the JV SPDC producing mainly oil to Chappal Energies. The production of these licenses represented 14,000 boe/d in Company share in 2023

TotalEnergies EP Nigeria will also sell to Chappal Energies its 10% stake in the 3 other licenses of the SPDC JV, producing mainly gas (OML 23, 28 and 77), while maintaining an entire economic interest in these licenses, which currently represent 40% of Nigeria LNG's gas supply.

The transaction was closed for a firm $860 million USD. Its finalization is subject to the usual conditions, including regulatory approval