Energean has announced that of the joint venture partners in Angola's Blocks 14 and 14K, Etu Energias, has notified seller Chevron that it intends to exercise pre-emption rights over the proposed sale of Chevron's interests in the offshore assets.
The update relates to Energean's agreement, announced in March, to acquire Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K for a base consideration of $260 million, marking the company's planned entry into Angola and the West African upstream sector.
Energean said the sale and purchase agreement with Chevron remains in effect until the relevant pre-emption right is determined to have been validly exercised and executed, and a new sale and purchase agreement between Chevron and Etu Energias has been signed and completed.
The company noted that any assignment to Etu Energias must be completed on the same or equivalent terms as the agreement signed with Chevron. This includes a condition requiring the buyer to provide evidence that it is a proven deepwater oil and gas operator of at least one existing producing deepwater asset in water depths greater than 300 metres, both within 15 days of signing and at the unconditional date.
The assets comprise Chevron's interests in Blocks 14 and 14K offshore Angola. The fields are currently producing about 42,000 barrels of oil per day gross, equivalent to around 13,000 barrels per day net to the interest originally agreed to be acquired by Energean.
Block 14 produces from nine oil fields through the Benguela, Belize, Lobito and Tomboco (BBLT) and Tombua-Landana hub facilities, while Block 14K contains the Lianzi oil field, a cross-border development tied back to Block 14 infrastructure.
When announcing the transaction in March, Energean said the assets generated adjusted EBITDAX of $119 million in 2025 and that the acquisition was expected to be immediately cash flow accretive. The company had expected the transaction to close by the end of 2026, subject to regulatory approvals and other customary conditions.
Energean said it will provide further updates as appropriate.
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