Etu Energias Secures $250M Stake in Offshore Angola Blocks

Angolan independent Etu Energias has agreed to acquire stakes in two deepwater blocks offshore Cabinda from Chevron subsidiary Cabinda Gulf Oil Co. (CABGOC) for $250 million.

The sale and purchase agreement covers a 31% interest in Block 14 and a 15.5% share of Block 14K, where Etu Energias currently holds 29% and 14.5%, respectively.

Upon completion of the transaction, anticipated early next year, it will be the largest shareholder, with plans to assume the role of operator on Block 14 subject to regulatory approval.

The deal also includes technical and operating support from BW Energy and Chariot under a debt facility provided by Shell Western Supply and Trading.

Block 14 has produced over 900 million barrels since its startup in 1999, with current production from this block and 14K totaling around 42,000 b/d of oil.