Chappal Energies, a Mauritius-based oil and gas exploration company, says it is planning to bring on new investors once it completes the purchase of TotalEnergies SE assets in Nigeria.TotalEnergies EP Nigeria Limited’s stake in Shell Petroleum Development Company joint venture for $860 million.
According to Bloomberg, following the successful transaction, Ufoma Immanuel, Chappal’s managing director, said the company would be expanding its equity base.“It’s fair to say that in order to grow and develop we need partnership and some of those partnerships will be on the capital side and that is what we’re focused on,” he said.of Equinor Nigeria Energy Company, a unit of the Norway-based Equinor ASA.
Immanuel said Chappal plans to acquire more assets and produce about 77,000 barrels of oil equivalent per day over the course of the next two to three years. He said the size of any future equity sale would be determined by shareholders, considering the scale of planned expansion and risk preference of target investors.Immanuel said the company aims to look beyond Nigeria to sub-Saharan Africa for acquisitions and growth as well as collaborate with partners to optimise production from acquired assets, adding that Chappal’s current shareholders are largely in three groups.