BW Energy has taken a significant step in its West Africa growth strategy, signing an agreement—alongside consortium partner Maurel & Prom—to acquire non-operated stakes offshore Angola from Azule Energy. The deal gives BW Energy a 10% interest in Block 14 and 5% in Block 14K, securing a foothold in one of Africa’s most established deepwater basins.
The two blocks comprise mature producing assets operated by Chevron, with Block 14 currently yielding about 40,000 bopd gross, of which BW Energy’s share will amount to roughly 4,000 bopd. The acreage also includes multiple opportunities for incremental recovery and near-field development, consistent with BW Energy’s strategy of unlocking stranded or under-developed resources.
CEO Carl K. Arnet said the move strengthens the company’s long-term presence in West Africa and positions BW Energy for additional operated opportunities in Angola.
“The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base,” Arnet noted. “Angola is a mature hydrocarbon basin with strong political support for the energy sector, and we see attractive opportunities to apply our model of developing proven reserves using existing infrastructure.”
The transaction includes USD 97.5 million in base consideration net to BW Energy, with USD 6 million due immediately and the remainder payable at closing, subject to customary adjustments. Additional contingent payments—up to USD 57.5 million—may be triggered if Brent prices exceed preset thresholds between 2026–2028 or if production milestones tied to the PKBB development are reached.
Block 14 contains nine producing fields, while Block 14K is a subsea tieback to the main block. Current net reserves to BW Energy are estimated at 9.3 million bbl, with Chevron operating the assets through a license term extending to 2038. Abandonment liabilities are fully covered by existing provisions.
Completion remains subject to regulatory approvals in Angola, with closing expected by mid-2026. BW Energy highlighted Maurel & Prom’s participation as a strong partnership for future regional growth.
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