BW Energy and Maurel & Prom have signed a sale and purchase agreement to jointly acquire Azule Energy’s interests in two producing deepwater blocks offshore Angola, in a transaction valued at up to $310 million.
The buyers will take a combined 20% non-operated interest in Block 14 and 10% in Block 14K. The stakes will be split evenly, leaving BW Energy with 10% in Block 14 and 5% in Block 14K, and Maurel & Prom with the same 10% and 5% interests.
The consideration includes a $195 million base cash payment plus contingent payments of up to $115 million. A $12 million deposit is payable on signing, with the remaining amount due at completion. The effective date is 1 January 2025, with customary cash-flow adjustments to apply through closing.
The assets are operated by Chevron. Azule Energy said Blocks 14 and 14K have been producing since 1999, and that net working-interest production attributable to Azule Energy across both blocks averaged 9,600 barrels of oil per day in 2024. Maurel & Prom said gross output was around 40,000 barrels of oil per day from Block 14 and around 2,000 barrels of oil per day from Block 14K at the time of the announcement.
Completion is expected mid-2026, subject to regulatory approvals, partner consents, and contractual pre-emption processes. Azule Energy said the transaction aligns with its focus on core assets in Angola.
