Etu Energias Buys Chevron Stakes in Offshore Angolan Blocks

Etu Energias, Angola's largest privately owned energy company, has signed a Sale and Purchase Agreement (SPA) with Cabinda Gulf Oil Company Limited (CABGOC or Chevron) to acquire a 31% Working Interest in Block 14 and a 15.5% Working Interest in Block 14K offshore Cabinda.

The agreement follows the exercise of pre-emption rights by Etu Energias, as an existing partner in both licenses. Etu Energias currently holds a 29% WI in Block 14 and a 14.5% WI in Block 14K.

Etu Energias intends to assume operatorship of Block 14 following completion, subject to the approval of ANPG. The acquisition has a base consideration of $260 million in cash, with an economic effective date of January 1, 2026.