Norway’s Equinor  has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources said.

The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said.

Equinor was entitled to net production of around 25,000 barrels per day of oil equivalent (boed) through its 20.2% stake in the Agbami field, which is operated by Chevron CVX.N, according to its website.

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The Managing Director, Equinor Nigeria Energy Company Limited, Ms Christel Kvalvik had early this week visited the Nigerian Upstream Petroleum Regulatory Commission Chief Executive, (NUPRC),   Engr Gbenga Komolafe  to appreciate the unwavering support received from the Commission and to discuss and explore possible investment opportunities in the Upstream Sector of the Nigerian Oil and Gas Industry.

Production in the field has been declining rapidly in recent years, down from 36,000 boepd in 2019 and 29,000 boepd in 2020.