Etu Energias to acquire Chevron stakes in Blocks 14 and 14K Offshore Angola
The proposed acquisition gives Etu Energias majority interest in one of Angola’s largest deepwater assets
LUANDA, Angola, Aug. 31, 2026 /PRNewswire/ — Etu Energias, Angola’s largest privately owned energy company, has signed a Sale and Purchase Agreement (“SPA“) with Cabinda Gulf Oil Company Limited (“CABGOC” or “Chevron“) to acquire a 31% Working Interest (“WI“) in Block 14 and a 15.5% WI in Block 14K, offshore Cabinda. The agreement follows the exercise of pre-emption rights by Etu Energias, as an existing partner in both licenses.
Etu Energias currently holds a 29% WI in Block 14 and a 14.5% WI in Block 14K. On completion, Etu Energias will become the largest interest holder of one of Angola’s longest established deepwater producing assets. Etu Energias also intends to assume the role of Operator on Block 14, subject to regulatory approval.
The acquisition is supported by a framework agreement with BW Energy and Chariot Limited, and will be funded by a debt facility provided by Shell Western Supply and Trading Ltd.
The transaction is expected to complete in early 2027, subject to customary conditions including approval by the Agência Nacional de Petróleo, Gás e Biocombustíveis (“ANPG“), other regulatory entities and the receipt of required third party consents.
Highlights
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Acquisition of Chevron’s 31% WI in Block 14 and 15.5% WI in Block 14K
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Base consideration of US$260 million in cash, with an economic effective date of 1 January 2026
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Intention to assume operatorship of Block 14, subject to regulatory approval
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Current gross production of approximately 42 kbopd, of which approximately 13 kbopd is net to the interests being acquired; gross producing reserves of 93 mmbbls, of which approximately 29 mmbbls are attributable to the interests being acquired
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Framework agreement with BW Energy and Chariot Limited providing technical and operational support to the transaction
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Acquisition funding provided by Shell Western Supply and Trading Ltd
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Material identified upside from the development of nearby reservoirs suitable for tie-back to existing infrastructure, from production optimization, and from potential operating cost efficiencies associated with the transition of operatorship
Edson R. dos Santos, Chairman and Chief Executive Officer of Etu Energias, said: “This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision. It’s about more than production and reserves; it’s about building enduring capabilities in Angola and developing deepwater operating expertise that can create value for many years to come.”
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