Etu Energias Acquires Chevron Stakes in Blocks 14 and 14K Offshore Angola

31 August 2026
Edited By: Haley McQueen

Etu Energias, Angola's largest privately owned energy company, has signed a Sale and Purchase Agreement (SPA) with Cabinda Gulf Oil Company Limited (CABGOC or Chevron) to acquire a 31% Working Interest (WI) in Block 14 and a 15.5% WI in Block 14K, offshore Cabinda. The agreement follows the exercise of pre-emption rights by Etu Energias, as an existing partner in both licenses.

(Image credit: Etu Energias)

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.

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.

Edson R. dos Santos, Chairman and Chief Executive Officer, Etu Energias, said: “This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision. It’s about more than production and reserves; it’s about building enduring capabilities in Angola and developing deepwater operating expertise that can create value for many years to come.”

“Block 14 has been producing for more than a quarter of a century, and we believe it still holds significant value. 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 for the benefit of Etu Energias, our partners and the economy of Angola going forward.”

“We are grateful to Chevron for a professional process and for the operating standards they have established over many years. We look forward to working with the ANPG and our partners to complete this transaction.”

The acquisition has a base consideration of $260 million in cash, with an economic effective date of January 1, 2026. In addition to the base consideration, contingent payments of up to $25 million per annum, capped at $250 million in aggregate, may become payable up until 2038 in relation to the potential future PKBB development, contingent on both realized oil prices and production being over certain thresholds.

Etu Energias’ acquisition is funded by a debt facility provided by Shell Western Supply and Trading Ltd. Etu Energias has entered into a framework agreement with BW Energy and Chariot Limited in connection with the transaction. Etu Energias intends to assume operatorship of Block 14 following completion, subject to the approval of ANPG. Block 14K is operated by Trident Energy and is not affected by the change of operatorship in Block 14.

Block 14 is a producing deepwater license offshore Cabinda in water depths of 200 to 1,600 meters. 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.

Production comes from nine fields developed through the Benguela Belize Lobito Tomboco and Tombua-Landana hub facilities (BBLT & TL), supported by active waterflooding and well intervention programs. Abandonment obligations for Block 14 are fully funded through existing escrow provisions.

Block 14K contains the Lianzi field, a cross-border unitized development between Angola and the Republic of Congo, tied back to Block 14 infrastructure. Further detail will be provided closer to completion.