Azule Energy has signed a Sale and Purchase Agreement with Etu Energias Block 14 B.V. for the sale of its stakes in offshore Blocks 14 and 14K in Angola, in a transaction valued at up to US$310 million.
The deal follows Etu Energias’ exercise of pre-emption rights after Azule Energy had initially agreed in December 2025 to sell the same interests to a consortium of Etablissements Maurel & Prom and BW Energy. That agreement has now been terminated.
Azule Energy holds a 20% interest in Block 14 and a 10% interest in Block 14K, both located in the Lower Congo Basin and in production since 1999. The assets delivered net production of approximately 9,600 barrels of oil per day to Azule Energy in 2024.
The transaction includes deferred contingent payments of up to US$115 million and remains subject to customary adjustments and regulatory approvals from Angolan authorities. Completion is expected in the second half of 2026.
Azule Energy Chief Executive Officer Joseph Murphy said the disposal forms part of the company’s strategy to focus on core assets in Angola.
“This transaction is aligned with Azule Energy’s strategy to concentrate our efforts on our core assets in Angola,” he said.
Azule Energy is a 50:50 joint venture between bp and Eni and produces more than 200,000 barrels of oil equivalent per day. The company said it will continue to pursue opportunities aligned with Angola’s energy needs while advancing its long-term strategy focused on operational performance, value creation and sustainability.
In Namibia, Azule Energy holds a 42.5% interest in Block 2914A (PEL85) in the Orange Basin, where it is involved in ongoing exploration activities.
