Etu Energias Takes Control of Chevron's Angolan Oil Interests

Etu Energias has finalized an agreement to acquire Chevron's stakes in Angolan oil blocks 14 and 14K, strengthening its position as the country's largest private energy company.

The deal comes after a dispute earlier this year over the same interests. In March, Energean agreed to buy Chevron's 31% operated stake in Block 14 and 15.5% non-operated interest in Block 14K for an initial $260 million, but Etu Energias exercised its pre-emption rights.

The transaction gives Etu Energias a larger presence in the Lower Congo Basin, one of Angola's key offshore oil-producing regions. The company already holds interests in both blocks and had the right to match Chevron's proposed sale to Energean, preventing an outside buyer from acquiring the stakes without first allowing an existing partner to exercise its contractual rights.

The assets were producing around 42,000 barrels of oil per day when the original Energean deal was announced. Etu Energias is increasing its exposure to producing offshore assets as part of a strategy to acquire stakes in established Angolan oil projects, as international producers restructure their portfolios.