Etu Energias has agreed to acquire Chevron’s interests in two producing deepwater blocks offshore Angola for $260 million. The deal will give the Angolan company a majority stake in Block 14 and put it in line to become the operator. Etu will acquire Cabinda Gulf Oil Company Ltd.’s 31% working interest in Block 14 and its 15.5% interest in Block 14K. Etu already owns 29% of Block 14 and 14.5% of Block 14K, which will raise its stakes to 60% and 30%, respectively, after the deal closes.
Block 14 produces about 42,000 barrels of oil per day (bopd) on a gross basis, with around 13,000 bopd net to the interests Etu plans to acquire. The block has an estimated 93 million barrels (MMbbl) of gross producing reserves, including about 29 MMbbl linked to the interests being acquired.
Etu plans to take over operatorship of Block 14 once the transaction closes, subject to regulatory approval. Trident Energy will continue to operate Block 14K, which includes the cross-border Lianzi field shared by Angola and the Republic of Congo.
Etu Energias Chairman and CEO Edson R. dos Santos said the company sees further value in Block 14 despite the asset having been produced for more than 25 years. He said Etu understands the blocks well because it has partnered on the licenses for many years and believes it can increase their value.
Located offshore Cabinda in water depths ranging from 200 to 1,600 meters, Block 14 has produced more than 900 MMbbl of crude since first oil in 1999. Etu sees further opportunities in nearby reservoirs that could connect to existing infrastructure, as well as through production optimization and well interventions.
The transaction is expected to close in early 2027, subject to approval from Angola’s National Oil, Gas and Biofuels Agency (ANPG), other regulatory authorities, and the necessary third-party consents.
source: worldoil
African Energy Council