LUANDA, Mar 12 – Energean has agreed to acquire oil interests held by Chevron in offshore blocks in Angola in a deal valued at $260 million.
The acquisition forms part of Energean’s strategy to expand its operations beyond the Mediterranean and establish a stronger presence in West Africa’s oil and gas sector.
Under the agreement, Energean will purchase Chevron’s 31% operated stake in Block 14 and a 15.5% non operated interest in Block 14K, both located offshore Angola.
The company said the transaction is expected to immediately contribute to cash flow once completed.
Beyond the initial purchase price, the deal includes potential contingent payments that could reach up to $25 million annually. These payments are linked to future project developments and oil price levels and will run through 2038, with a total cap of $250 million.
The Block 14 assets currently produce around 42,000 barrels of oil per day in total output. The acquired interests represent approximately 13,000 barrels per day attributable to Energean.
Energean plans to finance the transaction through a combination of non recourse debt tied to the acquired assets and its existing corporate liquidity.
The move reflects the company’s broader strategy of increasing production capacity and pursuing acquisitions in resource rich regions, particularly in West Africa, where several international energy companies are seeking new investment opportunities.
