Angola-based Etu Energias has agreed to purchase Chevron’s participating interests in Blocks 14 and 14K offshore Angola for $260 million, matching a prior offer from London-listed Energean.
The deal, announced on Friday, follows Etu Energias’ bid to match Energean’s existing $260 million agreement with Chevron for the assets. The Angolan company’s offer introduces uncertainty over the completion of Energean’s acquisition, which had been expected to proceed pending regulatory and partner approvals.
Chevron holds non-operated stakes in Blocks 14 and 14K, which are mature producing fields in Angola’s prolific offshore basin. The blocks have been a focal point for divestment as global energy companies streamline portfolios amid shifting investment priorities.
Etu Energias, an Angola-focused energy firm, did not disclose additional terms of its agreement with Chevron. The company’s move underscores growing interest from regional players in acquiring mature oil assets in Africa’s second-largest crude producer.
Energean’s prior deal, valued at $260 million, had been structured to include Chevron’s non-operated interests in the two blocks. The London-listed company had not commented on Etu Energias’ competing offer as of the announcement date.
Regulatory and partner consents remain a prerequisite for either transaction to close, with no immediate timeline provided for completion.
