Maurel and Prom (M&P) and BW Energy have signed a sale and purchase agreement (SPA) with Azule Energy to acquire a combined 20 per cent interest in Block 14 and a 10 per cent interest in Block 14K offshore Angola.
Under the consortium agreement, M&P will net a 10 per cent stake in Block 14 and a five per cent stake in Block 14K.
The transaction carries a base cash consideration of $195 million, with $97.5 million net to M&P. The deal includes contingent payments of up to $115 million ($57.5 million net to M&P), payable upon specific events such as Brent oil prices exceeding certain thresholds between 2026 and 2028 and the achievement of production milestones.
Block 14 is a mature deepwater asset operated by Chevron, currently producing approximately 40,000 barrels of oil per day (bopd) from nine fields.
Block 14K is a unitised development between Angola and the Republic of Congo, connected to existing Block 14 infrastructure and producing around 2,000 bopd.
Olivier de Langavant, CEO of M&P, stated, “This transaction complements our existing positions in Angola...It reinforces our long-term commitment to a country we know well and value highly.”
The acquisition is expected to close in mid-2026, subject to approval by the Angolan National Oil, Gas and Biofuels Agency (ANPG) and the satisfaction of customary conditions.