Kinshasa, DRC — Chariot Energy, an Africa-focused energy firm, has achieved a significant milestone by securing a substantial interest in offshore oil blocks in Angola.
The company announced that its subsidiary has entered into a sale and purchase agreement with Etu Energias S. A. A fully Angolan-owned exploration and production company. The agreement involves acquiring a 20% working interest in Block 14 and a 10% working interest in Block 14K, both located offshore Angola.
Block 14, a mid to late-life producing asset, has been managed by Chevron since 1995 and is expected to have a remaining licence term of 13 years. Since its first oil production in 1999, the fields on Block 14 have cumulatively produced over 900 million barrels of high-quality crude, with current output at approximately 40 kbopd.
Block 14K, an adjacent unitised area straddling the maritime border between Angola and the Republic of Congo, will also contribute to Chariot’s production. Current producing reserves from the assets are estimated at 93 million barrels.
The transaction is anticipated to be completed later this year, with substantial financing support from Shell Trading. This acquisition marks a strategic move for Chariot, enhancing its economic exposure to significant oil production in one of the world’s leading oil provinces.
Source: Panafricanvisions
