Ver Angola


ACREP wants to be an independent energy producer and produce 10 thousand barrels/day by 2028

The Angolan oil company ACREP wants to become an independent energy producer and reach a production of 10 thousand barrels of oil/day from 2028, its executive president, Edilson Bartolomeu, announced this Tuesday.


The head of the company, the second largest private operator in the Angolan onshore, was speaking in Luanda during the presentation to investors of the oil company's IPO.

ACREP, with a diversified 'portfolio' made up of four oil blocks, of which one in which it operates (Cabinda Sul block) wants to reach a production of 10,000 barrels/day from 2028, he said.

The company's strategic objectives for the period 2023-2028 also include converting into an independent energy producer through the installation of a thermal power plant and being able to obtain revenue from gas reserves in Campo do Noz in the Cabinda Sul Block, at the end of 2025.

According to Edilson Bartolomeu, ACREP also wants to position itself as a provider of oil and gas drilling services in onshore basins in Angola, with a view to playing a role in the research programs planned for inland basins.

To pursue this strategic plan, he added, ACREP is capitalizing the company, through the sale of assets in production (one of the blocks has already been sold and another is in the negotiation phase) and raising funds through the dispersion on the stock exchange of 24.99 percent of your capital.

Speaking to Lusa, the executive president considered that "people are eager for investments" and is eager to reach a successful conclusion with the capital increase operation.

It is planned to issue 600,890 shares as part of a Public Subscription Offer, at a price between 75,000 and 91,500 kwanzas, in addition to the sale of the stake in the state-owned Banco de Poupança e Crédito (16.63 percent), which will revert to the State.

With regard to internationalization, ACREP has already made some exploratory attempts in Namibia and Mozambique, so far without development.

"We created ACREP in Mozambique within the scope of the gas strategy, but it is a project that we need to study more closely. In Namibia, we carried out a seismic campaign in the blocks where we were operators, but as the results were not appealing and conclusive to move on to the subsequent to the drilling of the well, the company decided not to move forward", he told Lusa.

According to information available on its website, ACREP's shareholders are Monlarama et All Serviços (49.9 percent), Carlos José Martins do Amaral (25.15 percent), Banco de Poupança e Crédito (16.63 percent) and Fénix-Pension Fund (8.32 percent).


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