Chevron has agreed to sell its offshore oil interests in Angola to Energean for a base price of $260 million, in a deal that strengthens Energean’s presence in West Africa and forms part of Chevron’s ongoing portfolio optimisation strategy.
The sale covers Chevron’s 31 % operated stake in Block 14 and 15.5 % non‑operated interest in Block 14K offshore Angola.
The agreement is retroactive to January 1, 2026, but remains subject to regulatory approvals and customary closing conditions.
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Under the terms, Energean may also make additional contingent payments of up to $250 million through 2038, depending on future oil prices and production milestones.
The assets currently produce approximately 42,000 barrels per day (gross), with Energean’s net share expected to be around 13,000 barrels per day.
Energean’s Chief Executive, Mathios Rigas, described the acquisition as “a landmark moment for Energean. It represents our first major investment in West Africa and reflects our strategic focus on disciplined growth and geographic diversification.
“The high-quality, cash-generating Block 14 assets have stable oil production and long-term growth potential.
We look forward to working closely with the Government of Angola and our partners to complete the acquisition and advance Energean’s strategic expansion in West Africa.”
For Chevron, the transaction allows the company to focus on other strategic assets in Angola while continuing operations in the country through remaining blocks.