Chevron to divest offshore Angola stakes to Etu Energias in $250 million deal

BW Energy and Chariot will provide technical and operating support under the $250-million agreement, which will be funded by a debt facility provided by Shell Western Supply and Trading.

The transaction reflects a broader trend of international majors reshaping mature asset portfolios while creating opportunities for regional and independent operators to expand their role offshore Africa.

Block 14, in water depths of 200-1,600 m, has produced more than 900 MMbbl of oil since startup in 1999, with current production from this block and 14K of about 42,000 bbl/d of oil. There is potential to develop nearby reservoirs via tiebacks to existing infrastructure, including further development of the PKBB discovery, along with production optimization measures.

The nine producing fields were all developed through the Benguela Belize Lobito Tomboco and Tombua-Landana hub facilities, supported by waterflooding and well interventions.

Block 14K is a cross-border unitized development between Angola and Republic of Congo, tied back to the Block 14 infrastructure. The license expires in 2031.

BW Energy reported that the transaction marks its strategic entry into a new core area. Its support to Etu under the framework agreement will give it exposure to future cashflow corresponding to about 8,000 bbl/d and associated net 2P reserves of 19 MMbbl.

BW Energy CEO Carl K. Arnet said, “Block 14 is a high-quality asset with a long production history and several proven undeveloped discoveries, which BW Energy sees strong potential to put into production.”

Chariot will be exposed to future cashflows equivalent to additional production of roughly 4,000 bbl/d.