Etu Energias, a privately owned, independent integrated energy company, has agreed to acquire Chevron’s interests in Angola’s offshore Blocks 14 and 14K for $260 million, expanding the Angolan energy company’s position in two established producing assets off Cabinda.

The deal underscores a broader shift in African oil markets, with international energy majors selling mature assets while indigenous producers seek greater control of producing fields, reserves and infrastructure.

Etu Energias expands offshore oil portfolio

Under the agreement, Etu Energias will acquire Chevron’s 31% interest in Block 14 and 15.5% stake in Block 14K. The blocks currently produce about 42,000 barrels of oil per day, with approximately 13,000 bpd attributable to the interests being acquired.

The transaction also gives Etu Energias access to about 29 million barrels of reserves, strengthening its exposure to existing production and offshore infrastructure.

The acquisition follows Etu Energias’ agreement earlier this year to purchase Azule Energy’s 20% stake in Block 14 and 10% in Block 14K for up to $310 million, including contingent payments of as much as $115 million.

Etu Energias was able to pursue Chevron’s interests after exercising its pre-emption rights as an existing partner in the blocks. Chevron had previously agreed to sell its stakes to Energean.

Block 14 and block 14K

Located in Angola’s Lower Congo Basin, Block 14 has produced oil since 1999 and benefits from established offshore production and export infrastructure. Block 14K is a cross-border development linked to Block 14 and includes the Lianzi field, which straddles the maritime boundary between Angola and the Republic of Congo.

The acquisition strengthens Etu Energias’ position as an increasingly significant Angolan-owned upstream operator, while adding producing reserves and established offshore operations to its portfolio.

Etu Energias builds integrated energy business

Founded in 2000, Etu Energias has developed an integrated energy business spanning upstream oil and gas, fuel retail, lubricants and renewable energy. The company began operations in 2003 with solar energy activities and consulting services before acquiring interests in non-operated blocks in 2005 and 2007.

It is also expanding fuel retail stations across Angola, planning a domestic lubricants manufacturing plant and investing in small-scale solar and renewable energy projects. Etu Energias has said it plans to grow its reserves through upcoming licensing rounds and acquisitions, supporting its ambition to become a larger player in Angola’s energy sector.

Chevron reshapes Angola portfolio

Chevron Corp., the U.S. energy major, operates across oil, natural gas and geothermal energy in more than 100 countries, with activities spanning exploration and production, refining and marketing.

Its sale to Etu Energias reflects the wider restructuring of mature offshore assets in Africa as major international producers streamline portfolios and local companies increase ownership of established oil resources.