Chappal acquires TotalEnergies’ stake in Nigeria’s oil assets for $860m

Chappal Energies has agreed to purchase TotalEnergies’ stake in the country’s oil assets for $860 million.

According to Bloomberg, the deal includes a 10 percent interest in 15 oil mining leases and the Forcados and Bonny export terminals, part of the Shell Petroleum Development Company joint venture.

Chappal’s financing will be provided by an entity related to TotalEnergies or a financial institution selected by the French company, according to a statement by Bloomberg.

Trading house Trafigura and a syndicate of international banks are also providing funds.

The deal is expected to close by Dec. 31.