(WO) — Etu Energias has signed an agreement to acquire Chevron’s interests in two producing deepwater blocks offshore Angola for $260 million, giving the Angolan company a majority interest in Block 14 and positioning it to assume operatorship.
Etu will acquire Cabinda Gulf Oil Company Ltd.’s (Chevron) 31% working interest in Block 14 and 15.5% interest in Block 14K. Etu already holds respective interests of 29% and 14.5%, increasing its holdings to 60% in Block 14 and 30% in Block 14K upon completion.
Block 14 currently produces approximately 42,000 bopd gross, with about 13,000 bopd net to the interests being acquired. Gross producing reserves are estimated at 93 MMbbl, including approximately 29 MMbbl attributable to the acquired interests.
Etu intends to assume operatorship of Block 14 following completion, subject to regulatory approval. Block 14K, which contains the cross-border Lianzi field between Angola and the Republic of Congo, will remain operated by Trident Energy.
“Block 14 has been producing for more than a quarter of a century and we believe it still holds significant value,” said Edson R. dos Santos, chairman and CEO of Etu Energias. “We have an in-depth knowledge of these assets, having been a partner on the licenses for many years, and believe that we can unlock further value from them.”
Located offshore Cabinda in water depths of 200 to 1,600 m, Block 14 has produced more than 900 MMbbl of crude since first oil in 1999. Etu has identified additional upside from nearby reservoirs suitable for tieback to existing infrastructure, along with production optimization and well intervention opportunities.
The transaction is expected to close in early 2027, subject to approval from Angola’s National Oil, Gas and Biofuels Agency (ANPG), other regulatory approvals and required third-party consents.
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