Etu Energias Takes Control of Angola's Offshore Blocks 14 and 14K

The African Energy Chamber (AEC) welcomes the signing of an agreement between Etu Energias and Chevron for the acquisition of Chevron's interests in Angola's offshore Blocks 14 and 14K. This transaction marks a significant step towards strengthening African participation in the development and ownership of the continent's energy resources.

Under the agreement announced on August 28, Etu Energias will acquire Chevron's 31% working interest in Block 14 and 15.5% interest in Block 14K for a base consideration of $260 million. The Angolan company already holds interests in both licenses and intends to assume operatorship of Block 14 following completion, subject to regulatory approval.

The AEC views this transaction as significant beyond the immediate transfer of equity. Block 14 is one of Angola's longest-established deepwater producing assets, having produced more than 900 million barrels since 1999. Etu's proposed acquisition would give the Angolan company a 60% working interest in the block and place it in a position to take greater responsibility for the future development and optimization of a major national asset.