France’s Maurel & Prom and Norway’s BW Energy have signed an agreement to acquire Azule Energy’s stakes in two producing offshore blocks in Angola, the companies said on Friday.
The deal gives the consortium a 20% stake in Block 14 and 10% in Block 14K, both deepwater assets operated by Chevron. Block 14 currently produces around 40,000 bopd and Block 14K around 2,000 bopd. M&P’s net share is estimated at 4,100 bopd.
The transaction is valued at up to USD 310 million, including a USD 195-million base payment and USD 115 million in contingent payments. Completion is expected mid-2026, subject to approvals by partners and authorities in Angola and the Republic of Congo.
Block 14 lies 60–150 kilometres offshore Cabinda and is supported by two production hubs with a combined capacity of over 300,000 bopd. The block’s licence runs until 2038. Block 14K is tied back to Block 14 via a 43-kilometre heated flowline and holds a production licence through 2030.
“We are very pleased to announce this joint acquisition with BW Energy, which marks an important milestone in the expansion of M&P’s portfolio in Angola,” Maurel & Prom CEO Olivier de Langavant said.
“This transaction is aligned with Azule Energy´s strategy to concentrate our efforts on our core assets in Angola. As the company completes this divestment, it will continue to pursue opportunities that will meet the country’s energy needs and drive a sustainable future,” Azule Energy CEO Joseph Murphy said.
Maurel & Prom is a French independent oil and gas company with production and development assets in Africa and Latin America. In Angola, it holds interests in Blocks 3/05 and 3/05A, along with exploration acreage and a solar project under construction. BW Energy is an offshore-focused E&P firm active in Gabon, Brazil and now Angola, with a strategy centred on low-risk oilfield development.
Azule Energy is a 50/50 joint venture between BP and Eni producing more than 200,000 boepd in Angola. It prioritises sustainability and innovation across its operations and holds additional upstream assets in Namibia’s Orange Basin.