Etu Energias Acquires Chevron’s Angola Block 14 and 14K Stakes in $260 Million Deal
Angola’s Etu Energias is significantly expanding its position in the country’s offshore oil sector after agreeing to acquire Chevron’s interests in Blocks 14 and 14K in a deal valued at $260 million.
Under the agreement, Etu Energias will acquire Chevron’s 31% interest in Block 14 and 15.5% interest in Block 14K, both located offshore Cabinda.
The assets currently produce about 42,000 barrels of oil per day, with approximately 13,000 barrels per day attributable to the interests being acquired. The transaction also includes around 29 million barrels of reserves.
The acquisition marks a major expansion for Etu Energias, which has been steadily increasing its participation in the two producing blocks.
In March, the Angolan company agreed to acquire Azule Energy’s 20% stake in Block 14 and 10% in Block 14K for up to $310 million, including contingent payments of up to $115 million.
With the latest transaction, Etu Energias is positioning itself as a significantly larger stakeholder in the assets, while strengthening Angolan participation in a mature but strategically important offshore production area.
Block 14, located in the Lower Congo Basin, has been producing since 1999 and has established infrastructure supporting continued production and potential further development. Block 14K is a cross-border asset linked to Block 14 and includes the Lianzi field.
The Chevron transaction is being financed through a credit facility from Shell Western Supply and Trading, with technical and operational support from BW Energy and Chariot Limited.
It follows Chevron’s earlier agreement to sell the same interests to Energean, which Etu Energias was able to challenge through its pre-emption rights as an existing partner in the blocks.
The deal represents another important shift in Angola’s upstream sector, as international majors continue to reshape their portfolios while indigenous companies such as Etu Energias take larger positions in established producing assets.
For Etu Energias, the acquisition provides increased exposure to existing oil production, reserves and infrastructure while reinforcing its ambition to become a leading Angolan-owned player in the country’s upstream industry.
