Chevron Sells Stake in Two Angola’s Offshore Blocks to Energean for $260M
March 12, 2026
Energean has agreed to acquire Chevron’s interests in two producing offshore blocks in Angola, marking the company’s entry into the West African upstream sector.
The agreement covers Chevron’s 31% operated interest in Block 14 and a 15.5% non-operated interest in Block 14K. The assets are currently producing about 42,000 barrels of oil per day gross, equivalent to approximately 13,000 barrels per day net to the interest to be acquired.
The transaction has an effective date of January 1, 2026, with completion expected by the end of the year, subject to regulatory approvals and other customary conditions.
Energean said the assets generated adjusted EBITDAX of $119 million in 2025 and that the acquisition is expected to be immediately cash flow accretive.
“The acquisition of a producing oil portfolio in Angola’s world-class hydrocarbon basin, highlighted by major recent discoveries, marks a landmark moment for Energean. It represents our first major investment in West Africa and is in line with our strategic focus on disciplined growth and geographic diversification,” said Mathios Rigas, Chief Executive Officer of Energean.
The base consideration for the transaction is $260 million in cash. The final payment will be adjusted based on working capital at the effective date and the economic performance of the assets between the effective date and closing, including an oil price-linked upside sharing mechanism.
Energean said it expects to fund the purchase through a combination of non-recourse debt financing secured on the assets and available group liquidity.
Block 14 currently produces from nine oil fields, with output of around 40,000 barrels per day gross. Production is processed through the Benguela, Belize, Lobito and Tomboco (BBLT) and Tombua-Landana hubs, which provide spare oil processing capacity along with gas processing and water-injection capabilities.
The block contains net 2P reserves of about 28 million barrels of oil and includes potential development opportunities such as the PKKB project, which could be tied back to existing infrastructure.
Block 14K contains the Lianzi oil field, a unitised cross-border asset tied back to Block 14 facilities, producing around 2,000 barrels per day gross.
The transaction requires approval from Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) as well as other governmental and third-party consents.
