Azule Energy announced today that it has signed a Sale and Purchase Agreement with Etu Energias Block 14 B.V. for the sale of its participating interests in the offshore Blocks 14 and 14K located in the Lower Congo Basin.
The transaction follows an earlier Sale and Purchase Agreement signed on 11 December 2025 between Azule Energy and a consortium of Etablissements Maurel & Prom S.A. and BW Energy for the same interests. Etu Energias subsequently exercised its pre-emption rights, resulting in the termination of the December 2025 agreement with Maurel & Prom and BW Energy.
Azule Energy currently holds a 20 per cent interest in Block 14 and a 10 per cent interest in Block 14K. The blocks have been producing since 1999, with net working interest production to Azule Energy from both assets combined averaging 9,600 barrels of oil per day in 2024.
The deal is valued at up to $310 million, which includes deferred contingent payments of up to $115 million. Completion is expected in the second half of 2026, subject to customary adjustments and the necessary approvals by the Angolan authorities.
Following completion of both the Azule-Etu transaction and the separate Energean acquisition of Chevron’s interests, ownership of Block 14 is expected to be Energean with 31 per cent as operator, Etu Energias with 49 per cent, and Sonangol P&P with 20 per cent. For Block 14K, ownership is expected to consist of Trident Energy with 15.75 per cent as operator, Total E&P Congo with 26.75 per cent, Energean with 15.5 per cent, Etu Energias with 24.5 per cent, Sonangol P&P with 10 per cent, and SNPC with 7.5 per cent.
Azule Energy, a 50/50 joint venture between bp and Eni, said the transaction supports its strategy to optimise its portfolio in Angola while continuing to focus on value creation, sustainability and meeting the country’s energy requirements.
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