Ver Angola


Angolan operator Etu Energias buys Galp stakes in national offshore

The National Oil, Gas and Biofuels Agency (ANPG) announced this Wednesday that, as part of its growth strategy, the Angolan operator Etu Energias concluded an agreement with Galp for the indirect acquisition of a 5 percent stake in the Block 32, 9 percent in Block 14 and another 4.5 percent in Block 14K, offshore Angola.


Block 32 is located approximately 260 kilometers off the coast of Luanda, in water depths ranging between 1400 and 2000 meters. It is operated by TotalEnergies Exploration Production Angola (30 percent), which leads the contractor group composed of Sonangol Pesquisa e Produção, S.A. (30 percent), SINOPEC (20 percent), ExxonMobil (15 percent) and the then Galp Energia Overseas Block 32 B.V (5 percent).

Block 14 is located approximately 100 kilometers offshore of Cabinda, and covers approximately 4094 square kilometers. It is explored by Cabinda Gulf Oil Company Limited (Chevron) (31 percent) which leads the Contracting Group composed of Sonangol Pesquisa e Produção, S.A. (20 percent), Azule Energy Angola B.V. (20 percent) and Etu Energias, through its affiliate AB 14 B.V. (20 percent) and Galp Energia Overseas Block 14 B.V. (9 percent).

The third on the list, Block 14K, has as members of the Contractor Group Chevron Overseas (Congo) Limited (15.75 percent), which is the operator, TotalEnergies Congo (26.75 percent), Cabinda Gulf Oil Company Limited (Chevron) (15.50 percent), Azule Energy Angola B.V. (10 percent), Sonangol Pesquisa e Produção, S.A. (10 percent), AB 14 B.V. (10 percent), Societé Nationale des Pétroles du Congo ( 7.50 percent) and Galp Energia
Overseas Block 14 B.V. (04.50 percent).

Financing for the business was provided by a consortium led by the African Export-Import Bank (AFREXIM BANK), which included Shell Western Supply and Trading, Banco Angolano de Investimento (BAI) and Banco de Fomento Angola (BFA).

For the chairman of the ANPG Board of Directors, Paulino Jerónimo, “the National Concessionaire welcomes the understanding reached by Etu Energias and Galp and will continue to encourage good business dynamics with all stakeholders in the oil sector in Angola”.

“The close collaboration between the different parties was fundamental to the success of this business. The completion of this transaction demonstrates the resilience of our company and represents a major step in our strategy of building a profitable and diversified portfolio. I extend my deep gratitude for the support to the Etu Energias family, our financial partners, GALP, the Angolan government and, in particular, the Ministry of Mineral Resources, Oil and Gas, as well as ANPG, for all their support”, he stated the PCA and PCE of Etu Energias, Edson R. dos Santos.

Remember that the transaction marks the culmination of the purchase and sale agreement reached between both companies, announced on February 10, 2023.


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