Energean to Replace Chevron in Angola’s Block 14 Complex

The Greek minnow Energean is in the process of acquiring Chevron’s 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K for a base consideration of $260Million.
The buyer will make ⁠contingent payments of up to $25Million per annum, to a maximum of $250Million, in addition to the base consideration. Contingent payments will be payable through 2038, linked to future developments and oil prices.
Blocks 14 & 14K produced around 40,000Barrels of Oil Per day(BOPD) in December 2025, the poorest performing asset out of the country’s pioneering trio of deepwater producers (featuring ExxonMobil operated Block 15 and TOTALEnergies operated Block 17). Block 14 handed Chevron the discovery of the Kuito field In 400metre water depth, in 1997. Production started in 1999.
Chevron’s divestment follows Azule Energies’s sale of its 20% interest in Block 14 and a 10% interest in Block 14K to a consortium of M&P and BW Energy (for up to $310Million, including deferred contingent payments of up to $115Million, announced in December 2025.
The Azule Energies sale has not received approval of the Angolan authorities and the Chevron transaction will likely wait for as many as six months for the nod.
Chevron’s remaining assets ⁠in Angola include 39.2% operated stake in Block 0, the company’s heartland, which averages around 120,000BOPD and close to 1Billion standard cubic feet of gas per day; three non-producing tracts: 33, 49 and 50 as well as the Angola LNG.