BW Energy has, in a consortium with Maurel & Prom, signed an agreement to acquire a combined 20% non-operated interest in Block 14 and 10% in Block 14K offshore Angola from Azule Energy.
Within this transaction, BW Energy’s net share will be 10% in Block 14 and 5% in Block 14K, providing a strategic foothold in Angola aligned with the Company’s long-term regional growth strategy.
Block 14 is a mature deepwater asset comprising nine producing fields, while Block 14K is a tie-back to the main block. The asset is operated by Chevron, and the license currently runs to 2038.
Gross production is approximately 40 kbopd, with net to BW Energy at 4 kbopd. Current producing reserves are estimated at 9.3 mmbbls net to BW Energy, with several identified opportunities to further increase recoverable volumes. Abandonment and decommissioning costs are covered by existing provisions.
The acquisitions are part of a joint transaction with Maurel & Prom, which will acquire equal ownership interests as BW Energy in the two licenses.
Completion of the transaction remains subject to regulatory approvals and customary closing conditions, with closing expected by mid-2026.
“The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base. Firstly, we see clear upsides beyond the current production in Block 14. And, more importantly, we build a position for potential future operated development opportunities in the country.
“Angola is a mature hydrocarbon basin with an active M&A market and strong political support for the energy sector. We see attractive opportunities for BW Energy to apply our strategy of developing proven reserves and stranded assets through the re-use of existing energy infrastructure to unlock significant value over time,” said Carl K. Arnet, the CEO of BW Energy.