Ver Angola


Investors in block 2/05 decide on an agreement between operator and service provider

Investors in the 2/05 oil block announced this Monday that they do not recognize the agreement signed between the operator ETU Energias and the service provider SLB due to “lack of prior consultation” on the project estimated at 500 million dollars.


Speaking to Lusa, Angolan businessman Pedro Godinho, president of Prodoil, one of the members of the block 2/05 contractor group, said that the aforementioned document, signed during the Angola Oil & Gas 2023 Conference, which took place recently, violates the agreement of joint operations.

"At no time does the operator have to make decisions, in light of the joint operations agreement, that are not consensual and without the knowledge of the other members," he said, noting that the project could reach 500 million dollars.

According to the oil sector businessman, any strategic and structural operation must be discussed within the committee and the decision cannot be taken unilaterally, especially due to the expected values.

"They prepared this contract and didn't let us know, they sent a letter to the members of the contractor group the day before signing the contract without even letting us know the terms and conditions, that is, we didn't see the document", he highlighted.

The contracting group for block 2/05 is made up solely of Angolan companies, namely ETU Energias (formerly Somoil) as operator, with a 36 percent stake, Falcon Oil 24 percent, Prodoil 15 percent, Poliedro 12.5 percent and Kotoil 12.5 percent.

Falcon Oil, Prodoil, Poliedro and Kotoil, which together make up 64 percent of shares in the group, decided to depart from the agreement that the operator signed with SLB (formerly Schulumberger), a provider of services to the oil industry.

In a press release, the companies state that they do not recognize the agreement due to "lack of prior consultation" on matters that could have an impact on the finances of the block operated by ETU Energias.

"If we look at the participation of all companies, the operator only has a 36 percent share", recalled Pedro Godinho, to justify why the aforementioned partners do not recognize the signed agreement.

"What we want to say is that we do not recognize that agreement. If there has to be an agreement that engages our 64 percent, then we have to address the terms and conditions first. Until we are involved, we do not recognize that agreement", concluded the leader of Prodoil.

Lusa contacted the management of ETU Energias, who promised a reaction today.

The technical services agreement signed between SLB and Etu involves the development of end-to-end wells and technological services, "showing the companies' commitment to improving exploration and production infrastructure in Angola, while presenting opportunities of investment in the country's technological sector", according to a statement sent at the time to the Lusa agency.


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