A consortium between BW Power Ltd and Maurel & Promenade SA has signed an settlement with Azule Power Holdings Ltd, a 50-50 enterprise between BP PLC and Eni SpA, to amass Azule’s non-operating stakes in Block 14 and Block 14K offshore Angola.
Chevron Corp-operated Block 14, a mature deepwater space, produces about 40,000 barrels of oil per day (bopd) gross from 9 fields, whereas Block 14K is a tieback to Block 14 with present manufacturing of two,000 bopd gross, BW Power and Maurel & Promenade famous in separate press releases.
BW Power, a part of Singapore-based vitality transport operator BW Group Ltd, and Maurel & Promenade, a Paris-based exploration and manufacturing firm majority-owned by Indonesia’s nationwide oil and fuel firm PT Pertamina (Persero), will every purchase 10 p.c in Block 14 and 5 p.c in Block 14K.
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Azule mentioned individually its mixed share from the blocks averaged 9,600 bopd in 2024.
“This transaction is aligned with Azule Power’s technique to pay attention our efforts on our core property in Angola”, mentioned Azule chief govt Joseph Murphy.
Final yr in Angola, Azule offered its 12 p.c curiosity in Block 3/05 and 16 p.c stake in Decrease Congo Basin to Afentra, as confirmed by Azule Might 23, 2024.
The transaction with BW Power and Maurel & Promenade is valued as much as $310 million together with as much as $115 million of deferred funds, Azule mentioned.
BW Power mentioned of the property, “Present producing reserves are estimated at 9.3 million barrels web to BW Power, with a number of recognized alternatives to additional enhance recoverable volumes”.
It added, “Abandonment and decommissioning prices are coated by current provisions”.
BW Power chief govt Carl Okay. Arnet mentioned, “The entry to Angola is a key step in BW Power’s West Africa progress technique and offers additional diversification of our useful resource base”.
“Angola is a mature hydrocarbon basin with an lively M&A market and robust political assist for the vitality sector”, Arnet added. “We see engaging alternatives for BW Power to use our technique of growing confirmed reserves and stranded property via the reuse of current vitality infrastructure to unlock important worth over time”.
Maurel & Promenade chief govt Olivier de Langavant mentioned, “This transaction enhances our current positions in Angola: manufacturing in Blocks 3/05 and three/05A, exploration in Block 3/24 granted in October 2025 and the Quilemba photo voltaic undertaking presently below development”.
The events anticipate to consummate the transaction mid-2026.
“BW Power values Maurel & Promenade as a robust and skilled associate on this course of”, BW Power mentioned.
To contact the creator, electronic mail jov.onsat@rigzone.com
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