Etu Energias Secures $260M Chevron Deal for Angolan Offshore Blocks

Etu Energias has signed a deal with Chevron to acquire a significant stake in two Angolan offshore blocks. The privately-owned Angolan energy company will take over Block 14, which is one of Angola's longest-producing deepwater assets.

The agreement involves the sale and purchase of a 31% working interest (WI) in Block 14 and a 15.5% WI in Block 14K for $260 million in cash. This represents a base consideration with contingent payments of up to $25 million per annum, capped at $250 million in aggregate.

Etu Energias will become the largest interest holder in one of Angola's longest-established deepwater producing assets and intends to assume operatorship of Block 14, subject to regulatory approval. The acquisition is supported by a framework agreement with BW Energy and Chariot and will be funded through a debt facility provided by Shell Western Supply and Trading.