A few weeks ago, the Angolan company Etu Energias (formerly Somoil) made a significant move into the offshore sector by acquiring interests in offshore blocks 14, 14K, and 32, previously held by Galp Energia.
The cost of the transaction was not disclosed at the time.
Strengthening Position in Angola’s Oil and Gas Industry
Etu Energias invested $443 million to acquire stakes in these producing offshore blocks, bolstering its position in Angola’s oil and gas industry.
The details of the investment were announced on Wednesday, July 17th, during the 31st Afreximbank Annual Meeting and the 3rd Forum on Trade and Investment in the Caribbean, held in Nassau, Bahamas. This event provided the opportunity for the parties involved to finalize the sale.
Deepwater Production and Increased Output
The transaction granted Etu Energias a 5% stake in block 32, a 9% stake in block 14, and a 4.5% stake in block 14K. This acquisition positions the company as a player in crude oil production through the development of deepwater fields.
Notably, Etu Energias has increased its production from 9,987 barrels per day (bpd) in 2021 to 23,013 bpd in 2023, marking a substantial rise of 130.44%.
Diversification into Renewables
While maintaining its activities in the fossil fuel sector, the company aims to establish itself as an international oil player by 2030, specializing in the operation of mature oil and gas fields and deepwater operations. Etu Energias is also diversifying into new renewable energy sources.