Etu Energias Acquires Chevron's Stake in Angolan Offshore Blocks

Etu Energias, Angola's largest privately owned energy company, has made a significant move in its expansion plans by acquiring Chevron's stake in two major offshore blocks. The deal, valued at US$260 million, sees Etu Energias exercise its pre-emption rights to secure Chevron's 31% working interest in Block 14 and a 15.5% working interest in Block 14K, offshore Cabinda.

The transaction adds approximately 13,000 barrels of oil per day (kbopd) to Etu Energias' portfolio from a total gross production of 42 kbopd, alongside gross producing reserves of 29 million barrels attributable to the acquired interests. Upon completion, Etu Energias will become the largest interest holder in Block 14 and intends to assume operatorship of the asset, subject to regulatory approval from Angola's National Oil, Gas and Biofuels Agency (ANPG).

Etu Energias Chairman and CEO Edson dos Santos described the agreement as a vital milestone for the company's expansion. 'This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision,' he said.