The African Energy Chamber (AEC) on March 12, 2026, welcomed Energean’s agreement to acquire Chevron’s stakes in two offshore oil blocks in Angola, describing the deal as a strategic investment that could boost economic growth, jobs and Government revenue.
The transaction, valued at at least $260 million, still requires regulatory approval from Angolan authorities. Under the agreement, Energean will acquire Chevron’s 31% operated interest in Block 14 and a 15.5% non-operated stake in Block 14K offshore Angola.
The deal is backdated to January 1, 2026, and also includes potential contingent payments of up to $25 million annually through 2038, depending on oil prices and asset performance.
The two offshore blocks are already producing oil, generating about 42,000 barrels per day, with Energean’s acquired share expected to contribute roughly 13,000 barrels per day. The AEC said the assets are likely to generate immediate cash flow, making the transaction relatively low risk while strengthening Angola’s production capacity and fiscal revenues.
AEC Executive Chairman NJ Ayuk praised the agreement, saying it represents the type of investment needed across Africa’s energy sector. He urged Angolan regulators to approve the deal quickly, arguing that swift action would accelerate oil production, expand employment opportunities and increase funds available for social development projects such as health, education and infrastructure.
The Chamber also said Energean’s expansion into West Africa could strengthen regional energy cooperation and support Angola’s broader energy ambitions, including projects linked to gas development and the Angola LNG facility. According to the AEC, fast-tracking such investments would signal to global markets that Africa remains open to responsible energy development and committed to translating its natural resources into economic progress.