Energean has agreed to acquire a $260 million stake from Chevron in offshore Angolan oil assets, marking the company’s first major investment in West Africa. The deal includes a 31 percent operated stake in Block 14 and a 15.5 percent non-operated stake in Block 14K, strengthening Energean’s position in Angola’s offshore energy sector.
Block 14 currently produces about 42,000 barrels of oil per day, with approximately 13,000 barrels per day expected to accrue to Energean from its new stake. Production comes from several offshore oilfields linked to major processing hubs, while Block 14K includes the Lianzi field that is tied back to existing infrastructure. The assets hold about 28 million barrels in proven and probable reserves and generated around $119 million in adjusted earnings in 2025.
The acquisition, effective January 2026 and subject to approval from National Agency for Petroleum, Gas and Biofuels, is expected to boost Energean’s cash flow immediately. The agreement also includes contingent payments tied to future oil prices and production levels, potentially reaching $250 million through 2038.
