The acquisition further strengthens the company’s existing position in Block 14, where it initially entered through the purchase of a 20% stake in AB14BV—a joint venture between TotalEnergies and INPEX—later increasing its share with an additional 9% acquisition from Galp in 2024. The transaction is expected to close in the second half of 2026 and remains subject to customary conditions, including obtaining the necessary regulatory approvals.
Etu Energias announced on Friday the signing of a Sale and Purchase Agreement (SPA) with Azule Energy for the acquisition of a 20% stake in Block 14 offshore and a 10% stake in Block 14K, both located in the Lower Congo Basin, Angola. The deal strengthens the company’s deepwater presence and is expected to boost cash generation by increasing exposure to high-quality assets with ongoing production, established infrastructure, and stable performance, according to a statement sent to the Expansão editorial team.
The transaction’s closing is scheduled for the second half of 2026, subject to customary conditions, including obtaining the required regulatory approvals.
Block 14 is located approximately 100 kilometers offshore from Cabinda and covers an area of around 4,094 square kilometers. Since production began in 1999, it has maintained consistent levels of medium-light crude extraction.
With the new stake, net production attributable to Etu Energias is estimated at around 10,000 barrels of oil per day (2024), providing immediate scale and a significant contribution to the revenue of its portfolio.
The acquisition further strengthens the company’s existing position in Block 14, where it initially entered through the purchase of a 20% stake in AB14BV—a joint venture between TotalEnergies and INPEX—and later increased its share by acquiring an additional 9% from Galp in 2024.
After the deal closes, Etu Energias will significantly increase its shareholding in one of Angola’s most resilient producing assets. Edson R. dos Santos, CEO of Etu Energias, stated: “This transaction is fully aligned with our growth strategy, based on disciplined investments in producing assets with strong cash generation profiles and upside potential.
“Increasing our stake in Block 14 strengthens our production base, enhances revenue predictability, and consolidates Etu Energias’ position as one of the leading independent operators in Angola’s offshore sector,” the company said in a statement.
The company emphasizes that the rapid execution of the agreement reflects the strength of its strategic partnerships, highlighting financial backing led by Shell Western Supply and Trading Ltd and Chariot, as well as market confidence in its growth strategy and the quality of its asset portfolio.
Source: Expansão
