CAPE TOWN South Africa (UGNEWSLINE)- Angola’s Etu Energias has signed a master agreement with Chariot and BW Energy to facilitate technical and financial collaboration aimed at supporting its growth strategy in the country.
The agreement reflects a shared commitment by the three companies to build a long-term partnership that benefits all stakeholders and supports the development of Angola’s oil and gas sector.
The agreement was signed during the opening ceremony of African Energy Week (AEW) 2026 by Etu Energias CEO Edson Dos Santos, Chariot Chief Technology Officer and Board Member Duncan Wallace, and BW Energy Senior Vice President of Finance and Accounting Ali Athar.
The signing signals continued confidence in Angola’s upstream oil and gas sector and highlights the growing role of indigenous companies in the industry. Etu Energias, Angola’s first private oil and gas exploration company, has increased production to 25,000 barrels per day (bpd) within five years and is targeting 100,000 bpd by 2030.
The partnership is intended to improve access to commercial solutions and capital, supporting Etu Energias’ expansion plans and the long-term development of the sector.
The agreement follows a framework agreement announced by Chariot on September 1 involving Etu Energias, BW Energy and Chariot to support Etu’s acquisition of Chevron’s additional 31% interest in Angola’s Block 14 and 15.5% interest in Block 14K.
The framework established a basis for technical and operational support as Etu Energias seeks to assume operatorship of Block 14. Shell Western Supply and Trading is providing the debt financing required for the acquisition.
For Etu Energias, the transaction is expected to strengthen its production capacity and operational presence in Angola. As an existing stakeholder in the licences, the company brings knowledge of the assets, while BW Energy and Chariot contribute complementary technical expertise.
For BW Energy, the partnership marks a strategic entry into Angola and advances its broader growth strategy in West Africa. In an August announcement, the company highlighted opportunities to develop nearby reservoirs by connecting them to existing infrastructure, optimising production and reducing operating costs.
BW Energy’s support provides it with economic exposure to future cash flows equivalent to approximately 8,000 bpd, subject to completion of the transaction and the necessary approvals.
For Chariot, the September agreement provides economic exposure equivalent to approximately 4,000 bpd in exchange for services and support. Meanwhile, Shell Western Supply and Trading’s role is focused on financing, with the company set to provide all the acquisition debt funding required upon completion of the Chevron transaction.
