Etu Energias, the largest private oil producer in Angola, is actively participating as a silver sponsor in the Angola Oil & Gas (AOG) conference and exhibition.
The company’s presence at the event demonstrates its strong dedication to driving exploration and development for increased production in Angola, which is the main theme of this year’s conference.
Etu Energias, formerly known as Somoil, has set ambitious production targets of 50,000 barrels per day (bpd) by 2025 and 100,000 bpd by 2030. To achieve these goals, the company is investing in exploration and forming partnerships with other Angolan operators. This strategic approach aligns with Etu Energias’ vision of contributing to the growth of the Angolan economy. At the AOG 2024 conference in October, the company will elaborate on this strategy while engaging with global project developers and investors.
AOG is the largest oil and gas event in Angola and receives full support from key entities such as the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute. The conference provides a platform for signing deals and advancing Angola’s oil and gas industry. To inquire about sponsorship or participation as a delegate, please contact sales@energycapitalpower.com.
As an integrated company, Etu Energias is involved in upstream exploration, downstream distribution, renewable energy development, and consulting services. In terms of upstream activities, the company secured a strategic investment of $60 million in November 2023, which was part of a $190 million debt facility aimed at supporting asset acquisition in Angola. With this funding, Etu Energias acquired a 20% stake in the deepwater Block 14 and a 10% stake in the deepwater Block 14K, both located offshore. This transaction effectively doubled Etu Energias’ production capacity from 9,000 bpd to 19,000 bpd.
Currently, Etu Energias operates Blocks FS-FST, 2/05, CON-1, and CON-4, and holds interests in Blocks 3/05, 3.05A, 4/05, 17/06, CON-6, 14, and 14K. By 2030, the company aims to strengthen its position as an operator in onshore, shallow, and mature fields, establish partnerships for participation in lucrative blocks, develop a medium-sized network of fueling stations, and reinstate onshore storage and export capabilities for production in FST, Block 2/05, Block 3/05, and new blocks acquired in the onshore Congo basin.
In the downstream segment, Etu Energias launched a lubricant line in collaboration with Gilde Technology, a petroleum producer, in March 2024. A joint venture was established to oversee the development of a lubricant facility in Luanda, the capital city of Angola. The facility is projected to have a monthly capacity of 1,000 tons and is scheduled to commence construction in 2025. The joint venture aims to capture 25% of the market share by 2029.
Etu Energias’ sponsorship of AOG 2024 highlights its commitment to achieving these goals and further enhancing production growth in Angola. In the previous edition of the conference, held in 2023, the company signed a Technical Services Agreement with oilfield services company SLB for the development of Block 2/5. This year’s conference will witness the signing of similar agreements as major operators like Etu Energias contribute to the advancement of Angola’s oil and gas industry.
