Angola: Etu Energias to Acquire Chevron Stakes in Blocks 14 and 14K

The proposed acquisition gives Etu Energias majority interest in one of Angola’s largest deepwater assets.

Luanda, Angola — Etu Energias, Angola’s largest privately owned energy company, has signed a Sale and Purchase Agreement (SPA) with Cabinda Gulf Oil Company Limited, wholly owned subsidiary of Chevron Corporation based in Luanda, to acquire a 31% Working Interest (“WI”) in Block 14 and a 15.5% WI in Block 14K, offshore Cabinda.

In a statement made known to The Energy Republic, 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.

Block 14 is a producing deepwater license offshore Cabinda in water depths of 200 to 1,600 metres. The block has produced more than 900 million barrels of high-quality, Brent-linked crude since first oil in 1999, with production peaking at approximately 200 kbopd.

While Block 14K contains the Lianzi field, a cross-border unitized development between Angola and the Republic of Congo, tied back to Block 14 infrastructure.

According to the company’s statement, 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.