Energean picks up Chevron offshore assets in Angola for $260 million

Energean picks up Angola offshore assets for $260 million

LONDON, March 12, 2026 – Energean has agreed to acquire Chevron’s interests in two offshore oil blocks in Angola for a base consideration of USD 260 million, the company said on Thursday.

The deal covers Chevron’s 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K offshore Angola. The assets produce around 42,000 bopd gross, equivalent to 13,000 bopd net to Energean with the interests acquired.

Base consideration for the assets is USD 260 million, with the final price depending on working capital adjustments and the performance of the assets between the January 1, 2026, effective date of the transaction and the final closing of the deal, which is subject to approval by Angola’s National Agency for Petroleum, Gas and Biofuels and expected by the end of 2026.

“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, CEO of Energean.

Block 14 is estimated to hold 2P reserves of 28 million barrels and is producing around 40,000 bopd from nine oilfields, with output processed through the BBLT (Benguela, Belize, Lobito and Tomboco) and TL (Tombua-Landana and Landana North) hubs. The infrastructure has surplus capacity that can be used to process other drilling targets on the block.

Block 14K is a cross-border asset that is producing around 2,000 bopd from the Lianzi oilfield, which is tied back to processing facilities in Block 14.

The partners in Block 14 are currently Etu Energias (29%), Azule Energy (20%) and Sonangol (20%), while those in Block 14K are operator Trident Energy (15.75%, TotalEnergies (26.75%), Etu Energias (14.5%), Azule Energy (10%), Sonangol (10%) and SNPC (7.5%).

Listed in London and Tel Aviv, Energean is an E&P company with operations in the Mediterranean and the UK North Sea.

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