Meet The Nigerians Behind Chappal Energies Which Acquired TotalEnergies Assets in Nigeria
- Another company is acquiring a minority stake in TotalEnegies assets in Nigeria
- The new company, Chappal Energies, is registered in Mauritius and has Nigerians manning key positions
- The company has said the acquisition would be financed by a syndicate of international banks and financial institutions
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
Mauritius-based Chappel Energies has purchased a minority stake in TotalEnergies’s Nigerian onshore joint venture assets for $860 million.
The company's latest acquisition includes an interest in 15 licenses producing mostly oil, which will produce about 14,000 barrels of oil daily in 2023.
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Meet the owners of the company
The deal includes three more licenses producing major gas, accounting for 40% of TotalEnergies’ Nigeria LNG gas supply.
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Findings show that Chappal Energies is led by William Higgs, who is chairman, and other Nigerians.
William Higgs
Higgs is the chairman of Chappal Energies. In 2014, he was CEO of Mediterranean Oil and Gas, a London-based company.
He held various executive roles, including CEO and COO at Genel Energy Plc, COO at Ophir Energy Plc, and senior positions at Saudi Arabian Chevron and Chevron US.
Adesola Oyinlola
Oyinlola is one of the directors at Chappal Energies. He holds a Bachelor of Science in accounting from the University of Ghana and an MBA from Standford University.
He has 30 years of experience in the oil and gas sector with Schlumberger Group, serving in several executive roles.
Ufoma Immanuel
Immanuel has an investment banking background and private equity experience. He worked in the UK and the Middle East before entering Nigeria’s oil and gas sector.
Immanuel was head of corporate finance and strategy at Eroton Exploration and Production, managing a $1.105 billion acquisition.
He reportedly founded a $200 million Energy Link Infrastructure, an alternative crude oil evacuation system. He left the company to found Chappal Energies in 2020.
Victor Imevbore
Imevbore is a director at Chappal Energies and the founder and managing director of Environmental Resource Managers Limited, a consulting firm on regulatory and environmental governance issues in the oil and gas industry.
He is a petroleum engineer and has authored more than 100 technical reports, including the Niger Delta Development Report for the United Nations Development Programme (UNDP).
More details about Chappal Energies
According to reports, Chappal Energies has been among the top three bidders of the two most expensive upstream assets for sale in the Nigerian market in the last four years.
Legit.ng findings show that international banks will aid Chappal’s 10% stake in TotalEnergies asset acquisition.
TotalEnergies denies report of leaving Nigeria
The development comes as TotalEnergies disclosed that it is not exiting Nigeria.
With its $860 million sale and purchase agreement (SPA) with Chappal Energies, TotalEnergies has declared that it will not be departing the Niger Delta.
This occurred after TotalEnergies EP Nigeria, a subsidiary of the parent business, signed a SPA with Chappal Energies to sell its 10% stake in the SPDC JV licenses in Nigeria.
The company clarified that SPDC JV, which holds eighteen licenses in the Niger Delta, is an unincorporated joint venture between Shell Petroleum Development Company of Nigeria (30%, operator), TotalEnergies EP Nigeria (10%), and NAOC (5%). Nigerian National Petroleum firm Ltd holds most of the shares (55%).
Chappal Energies discloses sources of funding
Legit.ng previously reported that Chappal Energies has entered into a Sale and Purchase Agreement (SPA) to take over TotalEnergy EP Nigeria Limited’s 10% non-operated interest in its onshore and shallow water assets within the SPDC Joint Venture in the Niger Delta.
The aggregate consideration for the transaction is about $860 million, with financing to be provided by a TotalEnergies firm entity and any financial institution selected by TotalEnergies, Trafigura, and a syndicate of international banks.
The transaction is expected to close by December 31, 2024.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
