Etu Energias, Angola's largest private oil company, and Cabinda Gulf Oil Company signed an agreement on Saturday (29) for the acquisition of 31% and 15% stakes in Block 14 and Block 14K respectively, the national concessionaire announced.
In a statement, the National Agency for Petroleum, Gas and Biofuels (ANPG) said the purchase and sale contract was signed between Etu Energias and Cabinda Gulf Oil Company, a subsidiary of US energy multinational Chevron.
The agreement followed the exercise of a pre-emption right by Etu Energias in its capacity as an existing partner in both licences, the statement noted. The Angolan concessionaire highlighted that the acquisition will be financed through a credit facility made available by Shell Western Supply and Trading Ltd.
"The transaction has a base cash consideration of US$260 million, with an economic effective date of 1 January 2026. In addition, it provides for contingent payments of up to US$25 million per year, with a total cap of US$250 million through 2038, in relation to the potential future development of the PKBB field, contingent on oil price and production," the statement read.
The transaction is expected to close in early 2027, subject to the fulfilment of customary conditions, including approval by the national petroleum concessionaire.
Block 14 is a producing deepwater licence located offshore Cabinda, in water depths ranging from 200 to 1,600 metres. The block has produced more than 900 million barrels of high-quality crude, priced against the Brent benchmark, since first oil in 1999, having reached a peak production rate of approximately 200,000 barrels of oil per day.
According to the statement, production is drawn from nine developed fields through the central processing facilities at Benguela, Belize, Lobito, Tomboco, and Tômbua-Lândana.
Block 14K contains the Lianzi field, a unified cross-border development project between Angola and the Democratic Republic of Congo, tied into Block 14 infrastructure. Chevron currently operates Block 14 and holds a 31% interest, with partners Etu Energias (29%), Azule Energy (20%), and Sonangol E&P (20%).
The current partners in Block 14K/Lianzi are Trident Energy (15.75%, operator), Total E&P Congo (26.75%), Chevron (15.5%), Etu Energias (14.5%), Azule Energy (10%), Sonangol E&P (10%), and SNPC (7.5%).
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/30/mundo/angola/angola-etu-energias-aumenta-participacao-no-bloco-14-e-entra-no-14k/
