Energean has agreed to acquire Chevron’s operated interest in Angola’s offshore Block 14 (31%) and Block 14K (15.5%) for a base cash consideration of 260
million. The deal, aimed at expanding Energean’s West African portfolio, includes up to
$ 250 million
in contingent payments through 2038 based on oil prices and future developments.
The sale includes Chevron’s operated interests in Block 14 and the 14K joint development zone, which produced roughly 40.000
barrels of oil per day (gross) in late 2025/early 2026.
Transaction Value:
$ 260
million base cash, potentially rising to
$ 510 million total with contingent payments.
Net production to be acquired is roughly
13.000 barrels of oil per day (bopd).
The deal is effective from January 1, 2026, with closing expected by the end of 2026, subject to regulatory approvals.
Strategy: This sale aligns with Chevron’s strategy to streamline its portfolio and divest matured assets, while providing Energean, a Mediterranean-focused gas producer, with its first major investment in Sub-Saharan Africa.
The assets involved were part of a 2025 platform fire that caused fatalities.
The transaction awaits approval from Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG).
Note by Alessandro Bazzoni