Norwegian independent BW Energy said it has agreed to buy stakes in two producing blocks offshore Angola from Azule Energy, expanding its African footprint beyond Gabon and Namibia.
BW said today its consortium with France-based upstream firm Maurel and Prom (M&P) will acquire stakes of 20pc and 10pc in Angola's deepwater blocks 14 and 14K, respectively, from Azule, the 50:50 joint venture between BP and Italy's Eni.
The deal marks Azule's exit from these blocks.
BW and M&P will each control half the acquired stakes, and will equally split the $195mn cost. They will make additional payments of up to $57.5mn each if benchmark oil prices exceed set thresholds between 2026–28 and if production milestones of the Chevron-operated block 14 PKBB development are reached. Neither the price nor production thresholds were disclosed. Chevron made the PKBB discovery and put it online last year.
Production from the two blocks is 40,000 b/d, mostly from Block 14. Combined reserves are more than 90mn bl, and the licences run to 2038. BW Energy said it has identified several opportunities to increase recoverable reserves at the blocks.
It and M&P have producing assets in west Africa. In Gabon BW operates the Dussafu oil field and M&P has a stake in Block 3/05. The latter already has a presence in Angola at the Ezanga field.
Completion of today's deal that BW Energy and Maurel and Prom, separately, said is likely by mid-2026, now awaits approval by the Angolan authorities.
