Etu Energias, Chariot, BW Energy Sign Master Agreement at AEW 2026

Angola’s Etu Energias has signed a Master Agreement with Chariot and BW Energy covering technical and financial collaboration. The agreement aims to support Etu Energias’ growth strategy in Angola and reflects a shared ambition between the parties to build a long-term and growing relationship for the benefit of all stakeholders.

The agreement was signed during the opening ceremony of African Energy Week 2026 by Edson Dos Santos, CEO of Etu Energias; Duncan Wallace, CTO and Board Member of Chariot; and Ali Athar, Senior Vice President of Finance and Accounting at BW Energy. It demonstrates continued confidence in Angola’s upstream sector as well as the capacity of the country’s indigenous companies. Etu Energias, Angola’s first private oil and gas exploration company, has grown production to 25,000 bpd within five years and is targeting 100,000 bpd by 2030. The agreement aims to improve access to commercial solutions and capital with the goal of supporting long-term sector development.

The signing follows a framework agreement announced by Chariot on September 1 between 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 partnership established a basis for technical and operational support as Etu seeks to assume operatorship of Block 14, with Shell Western Supply and Trading providing the acquisition debt funding.

For Etu Energias, the transaction supports its ambition to expand production and operating capacity in Angola. Already a stakeholder in the licenses, the company brings knowledge of the assets, while BW Energy and Chariot contribute complementary technical expertise.

For BW Energy, the framework marks a strategic entry into Angola and an extension of its West African growth strategy. An August company announcement identified opportunities to develop nearby reservoirs through connections to existing infrastructure, optimize production and reduce operating costs. BW Energy’s support gives it economic exposure to future cash flows corresponding to approximately 8,000 bpd, subject to completion and applicable approvals.

For Chariot, the September agreement adds economic exposure equivalent to approximately 4,000 bpd in return for services and support. Shell Western Supply and Trading’s role centers on acquisition financing. The company will provide all acquisition debt funding required at completion of the Chevron transaction.