• Energean has agreed to acquire stakes in two offshore Angolan oil blocks from Chevron.

• The deal includes 31% in Block 14 and 15.5% in Block 14K.

• The transaction is valued at $260 million upfront and could reach $510 million depending on asset performance.

British energy company Energean has reached an agreement to acquire stakes in two offshore oil blocks in Angola from Chevron, according to a statement published on March 12 on the London Stock Exchange website.

The deal involves the purchase of a 31% stake in Block 14 and a 15.5% stake in Block 14K, both located offshore Angola. The two blocks have been producing oil for several years in one of Sub-Saharan Africa’s key petroleum basins.

The initial value of the transaction is set at $260 million, payable in cash upon completion. The agreement also includes additional payments that could raise the total value of the deal to $510 million, depending on the future performance of the assets.

Energean’s chief executive, Mathios Rigas, described the acquisition as a turning point for the company. He said the purchase of producing oil assets in Angola’s hydrocarbon basin, known for several major discoveries in recent years, marks Energean’s first major investment in Sub-Saharan Africa.

The transaction remains subject to the usual regulatory approvals and forms part of the company’s strategy of disciplined growth and geographic diversification.

Energean had previously been involved in gas exploration in Morocco. In 2023, the company acquired stakes in the offshore Lixus and Rissana licenses alongside Chariot and Morocco’s National Office of Hydrocarbons and Mines (ONHYM). Energean held 45% of Lixus and 37.5% of Rissana.

Less than a year after the agreement was finalized, however, the company withdrew from the project following the drilling of the Anchois-3 well, whose technical results were considered insufficient to support the planned development of the Anchois gas field.

Energean then transferred the subsidiary holding these interests to Chariot, allowing the company to regain control of the Lixus and Rissana licenses and resume its role as operator.

Beyond Angola, where Energean is now positioning itself, Mathios Rigas said in an interview with Upstream Online that the company is also interested in offshore gas resources in Mauritania and Senegal.

Abdel-Latif Boureima