BW Energy Makes Strategic Angola Entry with Chevron-Operated Block Deal

By Charles Kennedy - Dec 12, 2025

BW Energy has taken a major step into Angola’s offshore sector, striking a joint deal with Maurel & Prom (M&P) to acquire minority stakes in two producing deepwater 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% interest in Block 14 and 10% in the adjacent Block 14K. BW Energy’s net stake will be 10% in Block 14 and 5% in Block 14K, while M&P will hold the same. The transaction gives BW Energy an immediate producing foothold 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 West Africa growth strategy,” CEO Carl K. Arnet said. “We see clear upsides beyond current production in Block 14 and the opportunity to develop stranded assets using existing infrastructure.”

Block 14, operated by Chevron, is a mature deepwater hub with nine producing fields and gross output of around 40,000 barrels per day. BW Energy’s share will total roughly 4,000 bpd. Block 14K, a cross-border tie-back between Angola and Congo, delivers an additional 2,000 bpd via existing facilities.

Net producing reserves for BW Energy are estimated at 9.3 million barrels, with scope for further recovery gains through additional infill drilling and development work. The licenses run 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 a $6 million upfront deposit. Contingent payments of up to $57.5 million per party may be triggered if Brent crude exceeds set thresholds between 2026 and 2028 or if production milestones linked to the PKBB development are met.

Regulatory approval from Angola’s National Oil, Gas and Biofuels Agency (ANPG) is required, with closing expected by mid-2026.

For BW Energy—fresh off drilling progress in Namibia’s Kudu area—the deal marks another building block in a strategy focused on developing proven reserves and leveraging existing infrastructure in Africa’s mature basins.