Etu Energias has agreed to acquire stakes in offshore Blocks 14 and 14K in Angola from Azule Energy, after exercising pre-emption rights over the assets.
Azule Energy, a joint venture combining the Angolan businesses of BP and Eni, said it signed a sale and purchase agreement with Etu Energias Block 14 B.V. for the divestment of its participating interests in the Lower Congo Basin blocks.
The agreement replaces a previously signed deal in December 2025 with a consortium of Etablissements Maurel & Prom S.A. and BW Energy, which has now been terminated following Etu Energias’ decision to exercise its pre-emption rights.
Azule Energy holds a 20% interest in Block 14 and a 10% interest in Block 14K, with the assets producing since 1999.
The transaction is valued at up to $310 million, including contingent payments of up to $115 million. Completion is expected in the second half of 2026, subject to customary adjustments and approvals from Angolan authorities.
Net production attributable to Azule Energy from the two blocks was 9,600 barrels of oil per day in 2024.
"This transaction is aligned with Azule Energy´s strategy to concentrate our efforts on our core assets in Angola. As the company completes this divestment, it will continue to pursue opportunities that will meet the country’s energy needs and drive a sustainable future,” said Joseph Murphy, Azule Energy Chief Executive Officer.