Aug. 28 at 8:19 PM
Angola-based Etu Energias said Friday it has signed an agreement with Chevron to acquire the U.S. oil major’s interests in Blocks 14 and 14K in Angola, expanding Etu’s position in the country’s upstream energy sector.
The transaction follows developments in June, when London-listed oil and gas producer Energean said its previously announced
$260 million agreement to acquire the same assets from Chevron had become uncertain after Etu Energias matched its offer. The latest agreement with Chevron now puts Etu in position to take control of the interests.
The deal represents another step in Chevron’s efforts to reshape its portfolio in Angola while strengthening the position of locally based Etu Energias in the country’s oil and gas industry. Financial terms of the new agreement were not disclosed.
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