According to Edson dos Santos, 2023 was the best year in the company's history, having been on the national market for 24 years, highlighting the increase in production from year to year, with a daily production of 13 thousand barrels of oil last year.
In 2023, an increase in operating costs was recorded by 12 percent, mostly in non-operated blocks, but also a reduction in production costs.
With operations in five blocks and a potential of 50 thousand barrels per day, Etu Energias also has a stake in seven blocks and operations essentially in the municipality of Soyo, Zaire province.
Edson dos Santos highlighted that 2023 was the company's highest revenue year, with a record of 210 million dollars compared to 204.8 million dollars in 2022.
The president of Etu Energias highlighted that the acquisition of a 20 percent stake in Total two years ago influenced the results, highlighting the contribution of 73 million dollars.
For this year, the production outlook is around 24 thousand barrels of oil per day, with new investments, including the three oil blocks previously held by Galp Energia, namely Block 32, Block 14 and Block 14K, offshore from Angola.
"Today we talk about diversification, distribution, renewable energies, but oil exploration and production still represents more than 90 percent of our revenues", he stressed.
In the distribution sector, the company currently has three filling stations, which it intends to expand to 40 over the next four years across the country, also investing in photovoltaic energy, foreseeing production of up to one megawatt to supply three production fields.
According to Edson dos Santos, the company has used "a lot of international financing", highlighting the importance of transparency in this sense.
Edson dos Santos stressed that national banks are more likely to finance smaller capital projects, highlighting that for the acquisition of Galp's shares they had the support of two local banks.
"International financing at Etu Energias is a little over 500 million dollars and it is they who have supported us on this journey of business expansion, through the acquisition of assets in Angola", he said.
Regarding the intention to go public, Edson dos Santos stressed that the process is ongoing, starting with improving transparency, highlighting the change to an international auditor, Ernest & Young.
In turn, administrator Fernando Hermes highlighted that the company is in a "sanitation" process, adding that the auditor presented a set of reservations, "and you won't go to a stock exchange with this situation, because of the investor's perception".
"The company opted for its accounting policy using the international standard IFRS [Financial Reporting Standards] as its standard, this brings another challenge and promotes transparency", he highlighted.
