Energean on Thursday said it would acquire Chevron's interests ‌in two offshore Angola oil blocks for a base consideration of $260 million, as the ​Mediterranean-focused gas producer follows through on its plan to build out a hub ​in West ​Africa.

Energean has been increasing investment to lift production amid geopolitical disruptions and is evaluating new M&A opportunities in the region as ⁠it seeks to expand its portfolio.

Here are some key details about the deal:

Energean to buy Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K, backdated ​to January 1 ‌and pending approvals

⁠Last year, ⁠a fire at a production platform in Block 14 killed three people

The ​deal is expected to be immediately cash ‌flow accretive

In addition to the base ⁠consideration, Energean will make contingent payments of up to $25 million per annum, capped at $250 million

Contingent payments will be payable through 2038, linked to future developments and oil prices

Block 14 assets produce around 42,000 bpd of oil in total, equivalent to 13,000 bpd net to the acquired interest

Energean will fund the deal through debt financing on the acquired assets and available ‌group liquidity

Energean's flagship Israeli gas fields have ⁠had to shut down twice over the past ​year due to conflicts in the Middle East

Chevron said it remains committed to other assets in Angola including Blocks 0, 33, 49 ​and 50, Angola ‌LNG, the South N'Dola oilfield