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The Agbami field straddles the OML 127 and OML 128 licence areas (Image: Africa Oil Corp.)

Equinor to sell 20% stake in

Agbami oilfield for up to $1bn

NIGERIA EQUINOR, the Norwegian energy giant, has All of these majors are looking to either exit or
hired investment bank Standard Chartered to downsize operations in Nigeria, especially with
help it sell its 20% stake in the Agbami offshore respect to their onshore holdings, as they shift
oilfield in Nigeria, Reuters reports. towards cleaner energy sources and respond to
Citing industry sources, the news agency said increasing pressure to reduce carbon dioxide
that the sale could fetch up to $1bn. It also noted emissions.
that the divestment was part of a larger effort to The Agbami oilfield is operated by Chevron,
help the Norwegian company focus on more which holds a 67.3% interest, while Prime 127
profitable projects. holds the remaining 12.49% stake. The field has
Equinor’s decision to sell its stake in the seen a decline in production in recent years,
Agbami deepwater field, which spans the OML with 2020 production at 29,000 barrels of oil
127 and OML 128 licence areas in the central equivalent per day (boepd), down from 36,000
Niger River Delta, follows similar moves by boepd the previous year.
other major oil companies such as ExxonMobil Equinor has been operational in Nigeria
(US), TotalEnergies (France) and Shell (UK). since 1992. ™

Uganda to take FID on refinery in June

UGANDA UGANDA’S planned 60,000 barrel per day
(bpd) refinery at Kabale in Hoima district is
expected to begin production by 2025, pending
a final investment decision (FID) to be made in
June of this year. The project is projected to cost
around $4bn, but a more precise figure will be
provided during the decision-making process.
In February 2022, Minister of Energy and
Mineral Development Ruth Nankabirwa held On the topic, Nankabirwa said: “I am
talks on the status of the project with its lead delighted [to] work with AGRC, which started
developer, Albertine Graben Refinery Consor- with the signing of the project framework
tium (AGRC). The group has a 60% share in the agreement (PFA) for refinery project on April
project, with the remainder held by the Uganda 10, 2018.”
National Oil Co. (UNOC) through its Uganda Last August, Africa Finance Corp. (AFC)
Refinery Holding Co. (URHC) subsidiary. advanced $20mn for project. The African Devel-
AGRC includes US-based BakerHughes GE, opment Bank (AfDB), Prosper Africa and the
Italy’s Saipem and Mauritian-registered Yaatra US Trade and Development Agency (TDA) are
Africa and Lionworks Group. also expected to provide financing.

Week 04 26•January•2023 www. NEWSBASE .com P7