Published by Global Banking & Finance Review®
Posted on March 12, 2026
2 min readLast updated: March 12, 2026
Add as preferred source on GoogleEnergean is acquiring Chevron’s 31% operated interest in Block 14 and 15.5% non‑operated interest in Block 14K offshore Angola for $260 million base, plus contingent payments up to $250 million through 2038, aiming to accelerate West Africa output.
March 12 (Reuters) - Energean on Thursday said it would acquire Chevron's interests in two offshore Angola oil blocks for a base consideration of $260 million, as the Mediterranean-focused gas producer follows through on its plan to build out a hub in West Africa.
Energean has been increasing investment to lift production amid geopolitical disruptions and is evaluating new M&A opportunities in the region as it seeks to expand its portfolio.
(Reporting by Raechel Thankam Job in Bengaluru and Shadia Nasralla in London; Editing by Janane Venkatraman and Louise Heavens)
Energean is acquiring Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K offshore Angola.
The base consideration for the deal is $260 million, with potential contingent payments of up to $25 million per year, capped at $250 million through 2038.
Energean will fund the deal through non-recourse debt financing on the acquired assets and available group liquidity.
Block 14 assets currently produce about 42,000 barrels per day of oil in total, equivalent to 13,000 barrels per day net to Energean's acquired interests.
Energean is expanding in West Africa to boost oil output and build a regional hub amid geopolitical disruptions and new M&A opportunities.
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