BW Energy has taken a major step into Angola’s offshore sector, reaching a joint agreement with Maurel & Prom (M&P) to acquire minority stakes in two deepwater producing blocks from Azule Energy, the Eni-BP joint venture that dominates much of the country’s upstream landscape.
Under the agreement, the consortium will purchase a combined 20% stake in Block 14 and 10% in the adjacent Block 14K. BW Energy’s net interest will be 10% in Block 14 and 5% in Block 14K, while M&P will have the same. The transaction gives BW Energy an immediate production position in Angola, one of Africa’s most established oil provinces, and positions the company for future operated developments in the region.
“Entry into Angola is a key step in BW Energy’s growth strategy in West Africa,” said CEO Carl K. Arnet. “We see clear advantages beyond current production at Block 14 and the opportunity to develop brownfield assets using existing infrastructure.”
Block 14, operated by Chevron, is a mature deepwater center with nine producing fields and gross production of about 40,000 barrels per day. BW Energy’s share will amount to approximately 4,000 bpd. Block 14K, a cross-border link between Angola and Congo, delivers an additional 2,000 bpd through existing facilities.
Net production reserves for BW Energy are estimated at 9.3 million barrels, with room for further recovery gains through additional infill drilling and development work. The licenses will be valid until 2038 and decommissioning obligations are already provisioned.
The acquisition carries a base consideration of $97.5 million for BW Energy and the same for M&P, with each company paying an initial deposit of $6 million. Contingent payments of up to $57.5 million per party can be triggered if Brent crude exceeds established thresholds between 2026 and 2028 or if production milestones linked to the development of the PKBB are met.
Regulatory approval is required from Angola’s National Agency for Oil, Gas and Biofuels (ANPG), and closure is expected by mid-2026.
For BW Energy, which has just made progress on drilling in Namibia’s Kudu area, the deal marks another key element in a strategy focused on developing proven reserves and leveraging existing infrastructure in Africa’s mature basins.
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