White & Case advises Etu Energias on US$310 million acquisition of upstream Angolan assets

Global law firm White & Case LLP has advised Etu Energias, S.A. (Etu Energias), a 100 percent Angolan-owned exploration and production company, on the acquisition and associated financing of a 20% working interest in Block 14 and a 10% working interest in Block 14K from Azule Energy.

"This transaction marks another milestone for Etu Energias as it consolidates and strengthens its position in Block 14 - securing additional exposure to oil production in one of Africa's premier upstream basins and reinforces its position as a leading independent player in Angola’s offshore sector." said White & Case partner Mukund Dhar, who led the Firm's deal team.

The transaction is valued at up to $310 million and includes deferred contingent payments of up to $115 million. Completion of the transaction, expected in the second half of 2026, is subject to customary adjustments and approvals by the Angolan authorities.

Block 14 is located approximately 100 kilometres off the coast of the Cabinda region in Angola and covers an area of approximately 4,094 km. Since first oil in 1999, the block has delivered cumulative production of over 900 million barrels of medium-light crude oil. The asset is currently operated by Chevron, with production levels reaching approximately 40,000 barrels of oil per day on a gross basis, with current producing reserves estimated at 93 million barrels.

The acquisition involved Etu Energias exercising its pre-emptive rights following an earlier sale and purchase agreement entered into by Azule Energy in December 2025. The financing package comprised funds provided by Chariot Limited and an acquisition financing facility provided by Shell Western Supply and Trading Limited in return for future offtake barrels.

Partner Nicholas Macheras, who also advised on the transaction said: "This is the third significant acquisition and acquisition financing transaction our team has advised on in connection with Block 14 and reflects our sustained position as the leading adviser on energy M&A and financing transactions in Angola and across Africa." 

White & Case previously advised Etu Energias on its acquisition and financing of interests in Block 14 and Block 14K from TotalEnergies and Inpex in December 2022 and subsequently advised on the acquisition of further inerests in Block 14 and Block 14K from Galp in 2023.

The White & Case team which advised on the transaction was led by partner Mukund Dhar (London) and included partners Margot Berry (London) who advised on M&A aspects, Nicholas Macheras (Paris) who advised on financing and David Murray (London) who advised on offtake arrangements. They were supported by partners Edward Attenborough, Anthony Colegrave and Catherine Hill and associates Ed Pearson, Ekaterina Logvinova, Oliver Waddingham, Jee Yoon Chung, Martin Riederer, Yoon So Lee and Jennifer Tang (all London).

Press contact
For more information please speak to your local media contact.