Etu Energias to acquire Chevron's interests in Angola's Blocks 14 and 14K

Etu Energias, formerly known as Somoil, has signed a Sale and Purchase Agreement (SPA) with Cabinda Gulf Oil Company Limited (CABGOC), a subsidiary of Chevron, to acquire interests in offshore Blocks 14 and 14K in Cabinda, Angola.

The transaction involves the acquisition of a 31% interest in Block 14 and a 15.5% interest in Block 14K for a base consideration of $260 million, with an effective economic date of January 1, 2026. The deal includes potential contingent payments of up to $25 million annually linked to the development of the PKBB field, which could reach a cumulative total of $250 million by 2038 depending on oil prices and production levels.

Following the acquisition, Etu Energias will increase its holdings from 29% to 60% in Block 14 and from 14.5% to 30% in Block 14K. The company also plans to assume operations for Block 14 in partnership with BW Energy and Chariot Limited. Block 14 has been in production since 1999 and has produced over 900 million barrels of oil.