Etu Energias Snags Chevron's Angola Oil Stakes for $260 Million
Etu Energias, Angola's largest privately owned energy company, has signed a deal to acquire Chevron's stakes in two offshore oil licenses for $260 million. The transaction includes a 31% working interest in Block 14 and a 15.5% working interest in Block 14K, which are located off Cabinda.
The deal comes as the global energy market is impacted by diplomatic tensions between the US and Iran. Etu Energias will become the largest interest holder in both blocks upon completion of the transaction, currently holding 29% of Block 14 and 14.5% of Block 14K.
Etu Energias will also assume the role of Operator on Block 14, subject to regulatory approval from Angola's oil and gas authority ANPG. The transaction is supported by a framework agreement with BW Energy and Chariot Limited, and will be funded through a debt facility provided by Shell Western Supply and Trading Ltd.