A consortium between BW Energy Ltd and Maurel & Prom SA has signed an agreement with Azule Energy Holdings Ltd, a 50-50 venture between BP PLC and Eni SpA, to acquire Azule’s non-operating stakes in Block 14 and Block 14K offshore Angola.
Chevron Corp-operated Block 14, a mature deepwater area, produces about 40,000 barrels of oil per day (bopd) gross from nine fields, while Block 14K is a tieback to Block 14 with current production of 2,000 bopd gross, BW Energy and Maurel & Prom noted in separate press releases.
BW Energy, part of Singapore-based energy shipping operator BW Group Ltd, and Maurel & Prom, a Paris-based exploration and production company majority-owned by Indonesia’s national oil and gas company PT Pertamina (Persero), will each acquire 10 percent in Block 14 and five percent in Block 14K.
Azule said separately its combined share from the blocks averaged 9,600 bopd in 2024.
“This transaction is aligned with Azule Energy’s strategy to concentrate our efforts on our core assets in Angola”, said Azule chief executive Joseph Murphy.
Last year in Angola, Azule sold its 12 percent interest in Block 3/05 and 16 percent stake in Lower Congo Basin to Afentra, as confirmed by Azule May 23, 2024.
The transaction with BW Energy and Maurel & Prom is valued up to $310 million including up to $115 million of deferred payments, Azule said.
BW Energy said of the assets, “Current producing reserves are estimated at 9.3 million barrels net to BW Energy, with several identified opportunities to further increase recoverable volumes”.
It added, “Abandonment and decommissioning costs are covered by existing provisions”.
BW Energy chief executive Carl K. Arnet said, “The entry to Angola is a key step in BW Energy’s West Africa growth strategy and provides further diversification of our resource base”.
“Angola is a mature hydrocarbon basin with an active M&A market and strong political support for the energy sector”, Arnet added. “We see attractive opportunities for BW Energy to apply our strategy of developing proven reserves and stranded assets through the reuse of existing energy infrastructure to unlock significant value over time”.
Maurel & Prom chief executive Olivier de Langavant said, “This transaction complements our existing positions in Angola: production in Blocks 3/05 and 3/05A, exploration in Block 3/24 granted in October 2025 and the Quilemba solar project currently under construction”.
The parties expect to consummate the transaction mid-2026.
“BW Energy values Maurel & Prom as a strong and experienced partner in this process”, BW Energy said.
To contact the author, email jov.onsat@rigzone.com
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