MCB contributes USD 120m of USD 360m to Chappal Energies’ acquisition of ENEC

MCB is pleased to announce its USD120m participation in a USD360m senior secured bridge facility to part finance the acquisition of all Equinor’s offshore infrastructure by Chappal in Nigeria. Chappal is an indigenous Nigerian O&G company focused on brownfield upstream opportunities within Africa.

The acquisition includes operational rights and a 53.85% ownership in the OML 128 and OML 129 fields alongside a unitized 20.21% stake in the giant offshore Agbami field, operated by Chevron. The Agbami field is one of Nigeria’s largest deep-water oil fields, which began production in 2008 and has produced over one billion barrels of oil to date. This is a milestone achievement for Chappal as an indigenous company acquiring a stake in a significant offshore asset Chevron operates. 

As international oil companies gradually shift their focus to offshore and integrated gas operations in Nigeria, this transition creates a unique opportunity for indigenous companies such as Chappal Energies to take on a leading role in the Nigerian oil and gas industry and become key contributors to the country's vision of achieving universal energy access by 2030.

Through this landmark transaction, MCB confirmed its position as one of the leading financial institutions active in the energy space on the African continent and the strength of the Mauritius International Financial Centre (MIFC). As one of the few investment-grade banks in Africa, MCB aims to leverage its Energy and Commodities expertise and established track record to support its international clients in their strategic projects on the continent.