Chevron agrees to transfer holdings in two blocks offshore Angola to Energean

Energean has agreed to acquire production interests from Chevron in two blocks offshore Angola.

Subject to government and regulatory approvals and the waiving of pre-emption rights, Energean will assume operatorship of Block 14 with a 35% interest and a 15.5% non-operated stake in Block 14K.

If confirmed, it would represent Energean’s first involvement in E&P operations in West Africa, a region where it sees opportunities for further growth.

All oil produced from the nine active fields in Block 14 (presently about 42,000 bbl/d) is processed via the Benguela, Belize, Lobito and Tomboco as well as the TL Tombua-Landana and Landana North hubs.

Both have spare oil processing capacity and substantial gas processing and water‑injection capabilities, Energean added.

The company has also identified numerous near-term opportunities for further tie-ins to optimize and maximize existing production, along with mid-term drilling targets. These include the PKKB development, which is said to hold upside potential. 

Block 14K is a unitized cross-border asset containing the producing Lianzi oil field (currently 2,000 bbl/d), which is connected to Block 14 infrastructure.

In Block 14 the other partners are Etu Energias (29%), Azule Energy (20%) and Sonangol P&P (20%); while the partners in Block 14K / A-IMI (Lianzi) are operator Trident Energy (15.75%), Total E&P Congo (26.75%), Etu Energias (14.5%), Azule Energy (10%), Sonangol P&P (10%) and SNPC (7.5%).

Energean says Angola has a supportive fiscal regime and regulatory environment, and the transaction brings with it a highly skilled and experienced operating team. 

"The acquisition of a producing oil portfolio in Angola's world‑class hydrocarbon basin, highlighted by major recent discoveries, marks a landmark moment for Energean. It represents our first major investment in West Africa and is in line with our strategic focus on disciplined growth and geographic diversification…Our proven track record in deepwater operations and offshore project delivery positions us well to support ANPG's strategic objective for Angola to increase reserves and combat production decline.”

—Mathios Rigas, CEO, Energean