Energean has agreed to acquire key offshore oil assets in Angola from Chevron in a $260 million deal, as the company expands its presence in West Africa. The transaction includes Chevron’s 31 percent operated stake in Block 32 and a 15.5 percent non-operated stake in Block 14.
The deal, subject to regulatory approvals, will be backdated to January 1 and is expected to immediately boost Energean’s cash flow. The assets currently produce about 42,000 barrels of oil per day, of which roughly 13,000 barrels per day are attributable to the acquired interests.
Energean may also make additional payments of up to $25 million annually, with a cap of $250 million, depending on future oil prices and project developments through 2038. The company plans to finance the acquisition through asset-backed debt and existing liquidity, while continuing to pursue further investment opportunities across the region.
