Energean announced on Thursday it would acquire Chevron’s two offshore Angola oil blocks for a base consideration of 260 million dollars.
More specifically, the company said that it has signed an agreement to acquire Chevron’s 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K, offshore Angola. This acquisition provides a platform for long-term growth in the region and is the first step in Energean’s strategy to expand its operations into West Africa.
The Block 14 assets produce around 42 kbbl/d of oil in total, equivalent to 13 kbbl/d net to the interest to be acquired. Adjusted EBITDA in 2025 was 119 million, and the transaction is expected to be immediately cash flow accretive to Energean.
The effective date of the transaction is 1 January 2026, with closing expected by the end of 2026, subject, inter alia, to government and regulatory approvals and the waiver of applicable pre-emption rights. Angola has a supportive fiscal regime and regulatory environment, and the transaction brings with it a highly skilled and experienced operating team.
Mathios Rigas, Chief Executive Officer of Energean, commented: “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. The high-quality and cash-generating Block 14 assets have stable oil production and contain long-term growth optionality, including material resource upside from the PKBB development. We are excited about the opportunity to realise the full potential of these assets, while growing our broader position in the country over time. Our proven track record in deepwater operations and offshore project delivery positions us well to support ANPG’s strategic objective for Angola to increase reserves and combat production decline, while creating long-term value for Angola and our shareholders. We are pleased to be working in cooperation with Chevron on this transaction and are committed to building on their strong legacy, safety culture, environmental stewardship and operational excellence. We look forward to working closely with the Government of the Republic of Angola and our partners to secure all necessary permits and approvals, complete the acquisition, and advance Energean’s strategic expansion in West Africa.”
Source: Naftemporiki