Ver Angola


Etu Energias wants to produce 50,000 barrels of oil per day by 2025

Etu Energias, Angola's largest private oil company, plans to increase production to 50,000 barrels per day by 2025, following the purchase of blocks from Galp and TotalEnergies.


"Our objective is to be an exceptional operator in deep waters", said the executive director of the oil company, Edson dos Santos, in an interview with the financial information agency Bloomberg, in which he explained that, after the acquisition of several oil blocks from the Portuguese company Galp and France's TotalEnergies, the phased growth strategy is based on the use of new drilling technologies.

Etu Energias, the former Somoil Petrolífera Angolana, is in conversations that "are going very well" with several European and African banks to guarantee the necessary financing for more acquisitions, added the executive director, refusing to name the banks and possible future acquisitions.

Production, increasing current capacity and adding new assets, could reach 100,000 barrels a day by 2030, compared to the current 20,000, Edson dos Santos also said, admitting, even so, that "the company believes it still has a long way to go to go through until reaching its objectives".

The statements by the executive director of Etu Energias come at the same time that the Angolan oil sector interrupted the growth cycle of the last three quarters and contracted 5 percent, as a result of the decline in production and the stoppage for maintenance of the Dália oil field, in Block 17, the largest in Angola.

According to the forecasts of the economic studies office of Banco Fomento Angola, oil production, in view of the fall in production and taking into account that no new large investment projects are foreseen this year, should fall by around 6 to 8 per cent in 2023, with the drop in export earnings signaling future pressure on the foreign exchange market.

"For now, data from OPEC (Organization of Petroleum Exporting Countries) show that in the first quarter of 2023 oil production stood at around 1.07 million barrels day (mbd), making a similar contraction of 7.2 percent; on the other hand, data on oil exports indicate a year-on-year drop of 6.6 percent. That is, oil GDP may have fallen by a similar magnitude in the first quarter of 2023", says the information sheet released this month.


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