Energean Enters Angola with $260m Offshore Oil Deal
Energy company Energean has agreed to acquire stakes in two offshore oil blocks in Angola from Chevron, according to a statement released on March 12 on the London Stock Exchange website. The agreement covers a 31% interest in Block 14 and a 15.5% interest in Block 14K, both located offshore Angola. These blocks have produced
Energean Enters Angola with $260m Offshore Oil Deal
Energy company Energean has agreed to acquire stakes in two offshore oil blocks in Angola from Chevron, according to a statement released on March 12 on the London Stock Exchange website.
The agreement covers a 31% interest in Block 14 and a 15.5% interest in Block 14K, both located offshore Angola. These blocks have produced oil for several years and form part of one of Sub-Saharan Africa’s most established petroleum basins.
The transaction carries an initial value of $260 million, payable in cash once the deal closes. Additional contingent payments linked to the future performance of the assets could raise the total value to $510 million.
Energean chief executive Mathios Rigas described the acquisition as an important step for the company. He said securing stakes in producing offshore assets in Angola marks Energean’s first major entry into Sub-Saharan Africa and expands the company’s upstream portfolio into a region with a long history of offshore discoveries. The deal still requires regulatory approvals and forms part of Energean’s broader strategy to expand geographically while focusing on producing or near-producing assets.
Previous Exploration in Morocco and New Regional Interests
Energean previously explored gas opportunities in Morocco. In 2023, the company acquired interests in the Lixus and Rissana offshore licences alongside British firm Chariot and Morocco’s National Office of Hydrocarbons and Mines (ONHYM). The transaction gave Energean a 45% stake in Lixus and 37.5% in Rissana.
However, the company exited the Moroccan venture less than a year later. Drilling at the Anchois-3 well produced results that did not support plans to develop the Anchois gas field. Following the outcome, Energean transferred the subsidiary holding its interests back to Chariot, which resumed control of both licences and continued operating the project with ONHYM.
Beyond Angola, Energean is also assessing additional opportunities in Africa. In an interview with Upstream Online, Rigas indicated that the company is monitoring offshore gas prospects along the maritime border between Mauritania and Senegal, a region that has attracted increasing interest following recent gas discoveries.
