Angolan oil producer, Etu Energias has agreed to acquire Chevron's interests in two offshore blocks for a base price of $260 million, using contractual pre-emption rights to override a deal the U.S. major had already struck with London-listed Energean.

The Sale and Purchase Agreement between Etu and Chevron was signed on August 28, 2026, with an economic effective date of January 1, 2026.

The acquisition covers Chevron's 31% operated interest in Block 14 and its 15.5% non-operated interest in the adjoining Block 14K.

Block 14 currently produces approximately 42,000 barrels of oil per day gross. The 31% interest Etu is acquiring represents about 13,000 barrels per day net. Block 14K contributes roughly 2,000 barrels per day gross — about 5% of the combined production.

"This transaction is a very important milestone in the development of Etu Energias as an Angolan company with a global vision," said Edson R. dos Santos, Chairman and CEO of Etu Energias, in a statement confirming the deal. "It's about more than production and reserves; it's about building enduring capabilities in Angola and developing deepwater operating expertise that can create value for many years to come."

Dos Santos also emphasized the company's existing familiarity with the assets. "We have an in-depth knowledge of these assets, having been a partner on the licenses for many years, and believe that we can unlock further value from them."

Chevron had previously agreed to sell the same interests to Energean in March 2026 for the same base price of $260 million. Energean described the acquisition at the time as an opportunity to enter Angola's producing fields. But Etu, already a shareholder in both blocks, exercised pre-emption rights that allowed it to match the terms offered to the outside buyer.

Pre-emption rights are standard provisions in oil partnerships, giving existing investors the first opportunity to purchase an interest before it is transferred to a third party. Etu's use of the provision was therefore a contractual commercial decision, not an accusation of wrongdoing by Chevron or Energean.

The transaction places a major producing operation under the expected management of a locally controlled business. Etu describes itself as a wholly Angolan and privately owned oil and gas company. It had already expanded its position in the blocks by purchasing Galp's 9% interest in Block 14 and 4.5% stake in Block 14K in 2024.

If the acquisition receives approval, Etu will hold a majority position in Block 14 and is expected to replace Chevron as operator. Operatorship gives Etu oversight of daily production, technical planning, contractors and investment decisions on behalf of all partners.

Block 14 lies in the Lower Congo Basin and contains several producing fields. Block 14K extends across the maritime boundary between Angola and the Republic of Congo. Chevron is not leaving Angola entirely; the American group retains its long-standing position in Block 0 and interests in liquefied natural gas.

The transaction remains subject to approval from Angola's National Oil, Gas and Biofuels Agency (ANPG) and other regulatory entities. Completion is expected in early 2027. The final payment may also change through customary adjustments relating to production, cash flow and liabilities from the January effective date.

Neither company has publicly disclosed the decommissioning obligations Etu will assume or the proved reserves attributable to the acquired interests.