Chappal Energies, an Africa-focused oil and gas company, is preparing to bring in new investors after acquiring key oil assets in Nigeria. The Mauritius-based firm recently purchased TotalEnergies’ 10% stake in 15 oil blocks and two export terminals for $860 million.
Chappal’s Managing Director, Ufoma Immanuel, confirmed plans to expand its equity base, stating partnerships are crucial for growth. Earlier, Chappal acquired Equinor Nigeria for $1.2 billion, supported partly by Mauritius-based MCB Group with $120 million funding.
These deals reflect a trend where global oil giants like ExxonMobil and Eni are shifting focus to deepwater projects while local firms pick up onshore and shallow water assets. Chappal aims to optimise production from these acquisitions, targeting 77,000 barrels per day within three years, while looking for further opportunities across sub-Saharan Africa.
Immanuel revealed Chappal’s ownership structure includes management, family offices, and strategic partners.