On Friday, Etu Energias announced the signing of a Sale and Purchase Agreement (SPA) with Cabinda Gulf Oil Company, Chevron’s Angolan subsidiary.
The agreement will transfer Chevron’s 31% interest in Block 14 and 15.5% interest in Block 14K to Etu Energias. The blocks sit off the coast of Cabinda, in northern Angola.
The deal is worth USD 260 million, financed through a credit facility from Shell Western Supply and Trading Ltd., with technical and operational support provided by BW Energy and Chariot Limited.
According to Etu Energias, the total gross production of the Block is currently 42,000 bopd – of which Etu Energias will now take over around 13,000 bopd, in addition to 29 million barrels of reserves.
Chevron originally had an agreement in place to sell the stakes to Energean, the London-listed E&P company, in March 2026. However, Etu Energias was able to exercise pre-emption rights, as a pre-existing partner in the blocks. Just five months ago, they purchased Azule Energy‘s 20% stake in Block 14 and 10% in Block 14K.
Source: theenergyyear.com