Transaction Summary
On December 13, 2024, Mauritius Commercial Bank Limited (MCB) announced its participation in a $360 million senior secured bridge facility with a $120 million contribution to support Chappal Energies acquisition of Equinor Nigeria Energy Company Limited, a subsidiary of Norway-based Equinor ASA. Chappal Energies, an indigenous Nigerian oil and gas company focusing on brownfield upstream opportunities within Africa, initially announced the acquisition on November 29, 2023, and completed it on December 6, 2024, through a special purpose vehicle, Project Odinmim Investments Ltd. The acquisition, valued at up to $1.2 billion, comprises a purchase price of $710 million, along with contingent payments. The acquisition grants Chappal Energies operational rights and a 53.85% ownership in OML 128 and OML 129, alongside a 20.21% unitised stake in Nigeria's Agbami field, one of the country’s largest deep-water oil fields operated by Chevron. MCB acted as a senior lender, security agent, and account bank on
