U.S. oil major Chevron has agreed to sell its stake in offshore Block 14 and Block 14K in Angola to London-listed energy company Energean for $260 million, as reported by Reuters.
The assets are located in Angola’s deepwater offshore basin and are currently operated by Cabinda Gulf Oil Company, a subsidiary of Chevron. Block 14 has been producing crude since the late 1990s and remains one of the country’s established offshore production hubs.
The sale forms part of Chevron’s broader strategy to streamline its global upstream portfolio and divest mature assets, while enabling Energean to expand its presence in Africa’s offshore energy sector. Industry analysts note that such transactions are becoming more common as major oil companies rebalance portfolios and focus investment on higher-growth assets.
For Angola, one of Africa’s leading oil producers, the deal highlights continued international interest in its offshore resources as the country seeks to sustain production and attract new capital into its petroleum industry.
Image Credit: reuters.com
