Luanda: A sale and purchase agreement for the acquisition of a 31% participating interest in oil Block 14 and a 15.5% interest in Block 14K was formalised on Friday between operator Cabinda Gulf Oil Company Limited (Chevron) and Etu Energias. The agreement was signed by Etu Energias Chief Executive Officer Edson Santos and Chevron Southern Africa Operations Director Ezequiel Massaglia.
According to Angola Press News Agency, the agreement follows Etu Energias' exercise of its pre-emptive rights as a partner in both licences. The national concessionaire explained that the acquisition is supported by an agreement concluded with BW Energy and Chariot Limited and will be financed through a credit facility provided by Shell Western Supply and Trading Ltd, the regional trading arm of energy multinational Shell.
The transaction has a base value of USD 260 million, with an effective economic date of 1 January 2026. Completion is expected in early 2027, subject to customary conditions, including approval by the ANPG. The statement added that contingent payments of up to USD 25 million per year are envisaged, capped at a total of USD 250 million until 2038, linked to the future development potential of the PKBB field and dependent on oil prices and production levels.
Block 14 is a producing deep-water licence located in the Lower Congo Basin, off Cabinda Province, in water depths ranging from 200 to 1,600 metres. Since first oil in 1999, the block has produced more than 900 million barrels of high-quality crude indexed to Brent and reached peak production of approximately 200,000 barrels per day.
Block 14K contains the Lianzi field, a cross-border unitised development project between Angola and the Republic of the Congo, connected to the infrastructure of Block 14. The current partners in Block 14 are Chevron (31 per cent, operator), Etu Energias (29 per cent), Azule Energy (20 per cent) and Sonangol EandP (20 per cent).
The partners in Block 14K/Lianzi are Trident Energy (15.75 per cent, operator), Total EandP Congo (26.75 per cent), Chevron (15.5 per cent), Etu Energias (14.5 per cent), Azule Energy (10 per cent), Sonangol EandP (10 per cent) and SNPC (7.5 per cent).
