Aradel Holdings Acquires Stake in Chappal Energies, Expands Offshore Gas Investments.
Aradel Holdings Plc has announced its acquisition of a 5.14% equity stake in Chappal Energies Mauritius Limited, an energy firm focused on deep value and brownfield upstream opportunities in Africa. The deal marks a strategic step in Aradel’s bid to diversify its asset portfolio and enhance its role in Nigeria’s gas-driven energy future.
Chappal Energies recently acquired Equinor Nigeria Energy Company Limited (ENEC) on December 6, 2024. ENEC holds a 53.85% interest in oil and gas lease OML 128, including a unitized 20.21% stake in the Agbami oil field, operated by Chevron. Since its inception in 2008, the Agbami field has produced over one billion barrels of oil, generating significant value for Nigeria’s economy and stakeholders.
As part of the transaction, Chappal Energies will also take over operatorship of OML 129, which includes several key prospects and undeveloped discoveries, such as the Nnwa, Bilah, and Sehki fields. The Nnwa discovery is part of the larger Nnwa-Doro gas field, a substantial resource with the potential to drive Nigeria’s energy aspirations.
In a related development, Chappal Energies had earlier signed a Sale and Purchase Agreement with TotalEnergies on July 17, 2024, to acquire a 10% stake in the Shell Petroleum Development Company Joint Venture (SPDC JV). Ministerial approval and consent from the Nigerian National Petroleum Corporation (NNPC) have been obtained, and the parties are working to conclude the transaction.
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Commenting on the acquisition, Aradel Holdings MD/CEO, Mr. Adegbite Falade, described the move as a strategic alignment with the company’s goal of leveraging gas for national development.
“This acquisition allows us to deepen our gas competencies, gain access to offshore basins, and contribute meaningfully to Nigeria’s energy future using low-risk approaches. We are committed to unlocking the value inherent in these assets for the benefit of the nation and its people,” Falade said.
He further emphasized Aradel’s readiness to bring its execution expertise to support Chappal Energies in maximizing the potential of these investments, which he described as critical for Nigeria’s economic and energy aspirations.
Completion of the transaction and necessary notification processes are currently underway.
