BW Energy has entered Angola’s offshore oil sector through a joint acquisition with Maurel & Prom to purchase minority stakes in two producing deepwater blocks from Azule Energy, the Eni-BP joint venture.
Under the agreement, the consortium will acquire a combined 20 percent interest in Block 14 and 10 percent in Block 14K. BW Energy’s net stake will be 10 percent in Block 14 and 5 percent in Block 14K, with Maurel & Prom holding equivalent shares.
Transaction Details
The acquisition carries a base consideration of $97.5 million for BW Energy and the same for Maurel & Prom, 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 specified 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 is required, with closing expected by mid-2026.
Asset Profile
Block 14, operated by Chevron, is a mature deepwater hub containing nine producing fields with gross output of approximately 40,000 barrels per day. BW Energy’s share will total roughly 4,000 bpd. Block 14K, a cross-border development between Angola and Congo, delivers an additional 2,000 bpd through existing facilities.
Net producing reserves for BW Energy are estimated at 9.3 million barrels, with potential for further recovery through additional infill drilling and development work. The licenses extend until 2038, and decommissioning obligations are already provisioned.
Strategic Rationale
“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.”
The transaction provides BW Energy with 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.
BW Energy has been actively expanding its African portfolio, including recent drilling progress in Namibia’s Kudu area. The company’s strategy focuses on developing proven reserves and leveraging existing infrastructure in Africa’s mature basins.
