Etu Energias Beats Out Energean for Chevron's Angolan Blocks

Etu Energias has acquired Chevron's stakes in two Angolan offshore blocks for $260 million, beating out London-listed company Energean. The deal gives Etu a majority stake in Block 14 and positions it to take over as operator. Chevron had agreed to sell the interests to Energean in March, but the sale was blocked by Etu's right of first refusal.

The purchase includes Chevron's 31% operated interest in Block 14 and its 15.5% non-operated interest in Block 14K. The base consideration is $260 million in cash with an economic effective date of January 1, 2026. Production from the blocks is currently around 42,000 barrels a day.

Etu's acquisition follows its previous use of the right of first refusal mechanism to take over Azule Energy's stakes in the same two blocks in March. The company is led by Alberto Almeida de Sousa, who owns 50% of Etu and is its largest shareholder. He ran the geophysics division at Sonangol, Angola's state oil company, before going into business for himself.