Energean's Angola expansion in limbo after Etu preemption

Wed, 03rd Jun 2026 08:32

LONDON, June 3 (Reuters) - Energean ⁠said on Wednesday its $260 million deal to buy Chevron's Angola offshore assets is in limbo after ‌partner Etu moved to match the offer, complicating its ⁠push to expand beyond its ⁠core Eastern Mediterranean gas business.

Energean announced the $260 million deal in March, following through on its plan to expand beyond its flagship gas ‌fields offshore Israel, which have had to be shut down repeatedly due to conflict in the region, into West Africa.

"The Company has been informed by the seller, Chevron, that it has received ‌notice from one of the joint venture partners, Etu Energias, purporting to exercise ‌its pre-emption rights in relation to the Transaction," Energean said.

"The Company notes that any assignment to Etu Energias must be made on the same or equivalent terms ‌as the sale and purchase agreement between Energean and Chevron. This includes the condition precedent requiring the ⁠buyer to ⁠deliver evidence to the seller that ‌it is a proven deepwater oil and gas operator of at least one existing deepwater producing asset ‌in water depths greater than 300 metres."

Last year, an agreement to sell some of Energean's Mediterranean assets to Carlyle collapsed. (Reporting by Shadia Nasralla)

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