Chevron Sells Angola Oil Stakes to Energean for $260M in West Africa Push. London, United Kingdom — Chevron Corporation has announced the sale of its offshore oil stakes in Angola to Energean Oil & Gas for a reported $260 million, marking a significant strategic move for the Greek company into the West African oil market.
According to official statements, the transaction is part of Chevron’s ongoing efforts to streamline its global portfolio and focus on higher-value assets.
The sale involves a share in the Block 15/06, which is located in the deepwater of the Angolan coast. Energean, which has been actively seeking opportunities to expand its presence in the region, sees this acquisition as a stepping stone towards its goal of becoming a leading independent oil and gas producer in West Africa.
The company plans to invest in the development of the acquired assets, aiming to enhance production and explore new opportunities.
The deal is expected to close in the second quarter of 2026, subject to regulatory approvals and other customary closing conditions. Chevron has not commented on the potential impact of the sale on its operations in Angola, but industry experts suggest that it could lead to increased focus on other key markets.
In the wake of the sale, Energean’s CEO, Mathios Rigas, expressed optimism about the company’s future in West Africa.
Officials commented on the matter. “We look forward to leveraging our expertise to unlock the full potential of these assets.”
The sale comes at a time when the oil and gas industry is facing significant challenges, including volatile commodity prices and the need for sustainable energy solutions.
However, the deal is seen as a positive development for both Chevron and Energean, as it aligns with their strategic priorities and could lead to increased investment in the region. Further details regarding the terms of the agreement and the specific assets involved were not immediately available. Both companies have indicated that they will provide additional information as the transaction progresses.
Source: Africa.
