M&P and BW Energy Acquire Stakes in Angola's Offshore Blocks

Etablissements Maurel & Prom (M&P) and BW Energy have signed a Sale and Purchase Agreement with Azule Energy. The agreement involves acquiring interests in Angola's offshore Block 14 and Block 14K. M&P will acquire a 10% stake in Block 14 and 5% in Block 14K, with Block 14 operated by Chevron.

Block 14 currently produces around 40,000 barrels of oil per day (kbopd), while Block 14K produces about 2 kbopd. The transaction, subject to regulatory approvals, is expected to close by mid-2026. The purchase price is $195 million, with M&P's share at $97.5 million, plus contingent payments of up to $115 million.

M&P's CEO, Olivier de Langavant, expressed satisfaction with the acquisition, highlighting its strategic alignment with existing Angolan operations. This move enhances M&P's portfolio in the region, potentially unlocking further opportunities.