Etu Energias to acquire Chevron’s stake in Angolan offshore blocks

Angola’s largest privately owned energy company, Etu Energias, has signed a sale and purchase agreement with Chevron subsidiary Cabinda Gulf Oil Company to acquire a significant stake in two major offshore blocks.

The deal, valued at a base cash consideration of US$260 million (AU$385 million), sees Etu Energias exercise its pre-emption rights to secure Chevron’s 31 per cent working interest in Block 14 and a 15.5 per cent working interest in Block 14K, offshore Cabinda.

Upon completion, Etu Energias will become the largest interest holder in Block 14 and intends to assume operatorship of the asset, subject to regulatory approval from Angola’s National Oil, Gas and Biofuels Agency (ANPG).

The transaction adds approximately 13,000 barrels of oil per day (kbopd) to Etu Energias’ portfolio from a total gross production of 42 kbopd, alongside gross producing reserves of 29 million barrels attributable to the acquired interests.

Etu Energias Chairman and CEO Edson dos Santos described the agreement as a vital milestone for the company’s expansion.

“This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision,” dos Santos said.

“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.”

He added that Block 14, which has produced over 900 million barrels of crude oil since 1999, still holds significant untapped potential through near-field developments, production optimisation, and operating efficiencies.

The transaction features an economic effective date of January 1, 2026 and includes contingent payments of up to US$25 million annually through to 2038, tied to future developments and oil price thresholds.

Financing for the acquisition is backed by a debt facility from Shell Western Supply and Trading, while BW Energy and Chariot Limited will provide operational and technical support.

The deal is expected to close in early 2027.

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