Under the Sale and Purchase Agreement signed on August 28, Etu Energias will acquire Chevron’s 31% working interest in Block 14 and 15.5% interest in Block 14K, following its exercise of pre-emption rights as an existing partner in both licenses. Etu Energias currently holds 29% in Block 14 and 14.5% in Block 14K. Completion is expected in early 2027, subject to regulatory approvals and other customary conditions.

The acquisition would give Etu Energias a 60% working interest in Block 14 and make it the largest interest holder in the license. The company also intends to assume operatorship of Block 14, subject to approval from Angola’s National Oil, Gas and Biofuels Agency. Block 14K will remain operated by Trident Energy.

Block 14 is a mature deepwater producing asset offshore Cabinda that has produced more than 900 million barrels since first oil in 1999. The block currently produces approximately 42,000 barrels per day on a gross basis, with nine fields developed through the Benguela Belize Lobito Tomboco and Tombua-Landana hub facilities. Block 14K contains the Lianzi field, a cross-border unitized development between Angola and the Republic of Congo that is tied back to Block 14 infrastructure.

The acquisition is being funded through a debt facility provided by Shell Western Supply and Trading, while a framework agreement with BW Energy and Chariot will provide technical and operational support. Etu Energias has identified potential upside through the development of nearby reservoirs using tie-backs to existing infrastructure, production optimization and potential operating efficiencies following the transition in operatorship.

The deal represents not only an expansion of Etu Energias’ production base, but also a step toward building domestic deepwater operating capabilities. The transaction will increase the role of an Angolan company in the management and development of a long-producing offshore asset while maintaining partnerships with international companies across the technical and financial aspects of the project.

The announcement comes less than two weeks before the Angola Oil & Gas (AOG) Conference and Exhibition, taking place in Luanda from September 9–10 with a pre-conference day scheduled for September 8. The event brings together government, operators, investors, financiers and service companies to advance projects and investment across Angola’s oil and gas sector. Etu Energies CEO Edson dos Santos is among the speakers at AOG 2026, while the company is also a Champion sponsor of the event.

Etu Energias’ acquisition will be closely watched at AOG, where Angola’s efforts to increase domestic participation, sustain oil production and attract investment into mature and new offshore developments will be central themes. The transaction highlights the growing role of Angolan companies in deploying capital, taking larger positions in producing assets and building the technical capabilities needed to operate them.