Chappal Mulls Selling Equity After 860 Million Totalenergies Transaction

Chappal Energies, a Mauritius-based energy company led by Nigerian business executive Ufoma Immanuel, is seeking new investors to support its ongoing expansion following a series of significant acquisitions in Nigeria.

The companys most recent deal includes an 860 million acquisition of TotalEnergies SEs 10 percent stake in 15 Oil Mining Leases OML and key export terminals at Forcados and Bonny, part of the Shell Petroleum Development Company Joint Venture SPDC JV.

Well be expanding our equity base, said Ufoma Immanuel, Chappals managing director. We need partnerships, and some of those will be on the capital side.

The acquisition is just one of several major transactions that have positioned Chappal Energies as a rising force in Africas oil and gas industry.

In July, Chappal completed a 1.2 billion acquisition of Equinor ASAs Nigerian assets , adding approximately 20,000 barrels per day of production to its portfolio.