Energean has agreed to acquire stakes in two offshore oil blocks in Angola from Chevron, marking the British firm’s first major investment in sub-Saharan Africa’s upstream oil sector.
The agreement, announced in a statement published on the London Stock Exchange website on March 12, covers a 31% stake in Block 14 and a 15.5% stake in Block 14K, two producing offshore fields located in one of the region’s most important petroleum basins.
The transaction is valued at US$260 million upfront, payable in cash upon completion. Additional performance-based payments could bring the total value of the deal to US$510 million, depending on the future output and financial performance of the assets.
Energean said the acquisition aligns with its strategy of expanding its portfolio through producing assets that generate immediate cash flow. The deal is subject to regulatory approvals and customary closing conditions before it can be finalized.
Chief Executive Mathios Rigas described the move as a strategic milestone for the company, noting that the investment provides entry into Angola’s established hydrocarbon basin, which has seen several major oil discoveries in recent years.
“Acquiring producing oil assets in Angola represents an important step in Energean’s strategy of disciplined growth and geographic diversification,” Rigas said, highlighting the company’s intention to strengthen its position in international energy markets.
Angola is one of Africa’s largest oil producers and a key player in the continent’s offshore petroleum sector. The country has attracted significant investment from global energy companies due to its large reserves and established production infrastructure.
Energean’s expansion into Angola comes after the company previously explored opportunities in North Africa, including gas exploration in Morocco. In 2023, the firm acquired stakes in the offshore Lixus and Rissana licenses in partnership with Chariot and Morocco’s National Office of Hydrocarbons and Mines (ONHYM).
Energean held a 45% interest in the Lixus license and 37.5% in Rissana. However, the company withdrew from the project less than a year later after the drilling results from the Anchois-3 well were deemed insufficient to support the planned development of the Anchois gas field.
Following its exit, Energean transferred the subsidiary holding those interests to Chariot, allowing the latter to regain full operational control of the Lixus and Rissana licenses.
Despite the withdrawal from Morocco, Energean continues to assess opportunities across Africa. Rigas said in a recent interview with industry publication Upstream Online that the company is also evaluating offshore gas prospects in Mauritania and Senegal.
The Angola acquisition signals Energean’s broader ambition to expand its presence in emerging energy markets while balancing its existing operations in the Mediterranean and other regions.
Industry analysts say the purchase of stakes in producing Angolan oil blocks could provide Energean with stable revenue streams and strengthen its position as a mid-sized international energy company seeking growth through selective acquisitions.
If completed, the deal will further diversify Energean’s asset base while reinforcing Angola’s position as a major destination for global oil investment in sub-Saharan Africa.
