Hogan Lovells is advising Chevron on the strategic disposal of interests in Block 14 and Block 14K, offshore Angola
London, 12 March 2026 - Global law firm Hogan Lovells is advising Chevron Corporation ("Chevron") on the sale of its 31% operated interest in Block 14 and its 15.5% non‑operated interest in Block 14K, offshore Angola to Energean plc.
Block 14 is an offshore asset, producing from eight oil fields, with current output of around 40 kbbl/d gross (12 kbbl/d net to the 31% operated interest to be sold). Block 14K is a unitised cross-border asset that contains the producing Lianzi oil field which is tied-back to the Block 14 infrastructure. Current production is around 2 kbbl/d gross (1 kbbl/d net to the 15.5% non-operated interest to be sold).
An agreement in respect of the transaction has been signed. The base consideration is U$260 million in cash, with an effective date of 1 January 2026. The final consideration payable at closing will be subject to customary working capital adjustments. In addition to the base consideration, contingent payments of up to US$25 million per annum, capped at US$250 million in aggregate, may become payable up until 2038 in relation to the potential future PKBB development, contingent on both realised oil prices and production being over certain thresholds.
Closing is conditional, inter alia, on receipt of government and regulatory approvals and the waiver of applicable pre-emption rights and is expected to take place by the end of 2026.
The Hogan Lovells team advising Chevron is led by partner Sarah Shaw, with support from partners Ben Sulaiman and Philip Harle, senior associates Catherine Lah and Adela Komorowska, and associates Nancy Ricardo, Wilson Pek and Emily Louise.
