Chevron has agreed to sell its offshore oil stakes in Angola to Energean for $260 million, giving the Mediterranean energy producer a foothold in West Africa as it expands beyond its core gas operations.
The deal covers Chevron’s 31% operated stake in Block 14 and a 15.5% non-operated interest in Block 14K. The transaction is backdated to January 1, 2026, but still requires regulatory approvals and other customary conditions before it can be completed.
Together, the assets produce about 42,000 barrels of oil per day. Once the acquisition is finalised, Energean’s share of that production will be roughly 13,000 barrels per day.
Beyond the base price, the agreement includes potential additional payments linked to future oil developments and global crude prices. These contingent payments could reach up to $25 million annually, capped at $250 million, and may continue through 2038.
Energean plans to finance the purchase using debt tied to the acquired assets as well as its existing liquidity. The company has been actively seeking new investments and acquisition opportunities as it expands beyond its core markets in the Mediterranean.
The move also reflects Energean’s broader strategy to diversify its production base. The company’s flagship gas fields in Israel have faced temporary shutdowns over the past year due to geopolitical tensions in the Middle East, prompting it to look for more stable sources of production elsewhere.
Angola remains one of Africa’s largest oil producers and continues to attract foreign investment as the government works to sustain output from ageing offshore fields while encouraging new exploration.
For Chevron, the transaction forms part of a wider effort to streamline its global portfolio. The U.S. oil major said it will continue operating other assets in Angola, including interests in Blocks 0, 33, 49 and 50, as well as the Angola LNG project and the South N’Dola oilfield.
Block 14 has previously faced operational challenges. In 2024, a fire on a production platform in the block resulted in three fatalities, highlighting safety risks associated with offshore operations in the region.