Ver Angola


Africa Finance Corporation expands investment in oil production in Angola

The Africa Finance Corporation (AFC) invested 60 million dollars in the purchase by Etu Energias (formerly Somoil) of oil and gas reserves held by French oil companies TotalEnergies and Japanese Inpex Corporation, the multilateral financial institution announced this Wednesday.


The investment is part of a 190 million dollars credit line to support Etu Energias, the largest private Angolan oil company, in the acquisition of reserves belonging to those two oil companies, according to a statement released this Wednesday by AFC.

After the acquisition, Etu Energias will hold a 20 percent stake in Block 14 in deep waters and 10 percent in Block 14K in deep waters, oil reserves located 100 kilometers off the coast of Cabinda, in northern Angola. Both blocks are explored by the North American oil company Chevron.

The acquisition doubles Etu Energias' net production rate from 9000 barrels per day (bpd) to 19,000 bpd, cementing the company's position as Angola's leading private upstream oil and gas company.

"The AFC is unwaveringly committed to driving the growth of local operators in the energy sector across the continent", highlighted the president and executive director of the AFC, Samaila Zubairu, quoted in the statement.

"Our financial support is aligned with AFC's broader mission to support the sustainable development of Africa's vast resources, while retaining value on the continent. We look forward to working with Etu Energias to achieve energy transition goals of Angola", he added.

According to Edson Rodrigues, executive director of Etu Energias, this acquisition "is the first of others that will come in a growing relationship" with AFC.

"We aim to improve our operational capabilities, providing a distinct opportunity for local players like us, especially in offshore operations, where international oil companies have historically dominated," added the manager.

AFC is intensifying investment in the Angolan energy sector, where it has already invested approximately 165 million dollars in Sonangol between 2021 and 2022, in addition to a recent investment of 100 million dollars for the construction of the Cabinda oil refinery, in northern Angola, together with Gemcorp Holdings Limited (GHL) and the African Export-Import Bank (Afreximbank), according to the AFC.

The pan-African multilateral development financial institution was created in 2007 by sovereign African states with the aim of providing infrastructure solutions in Africa and is majority-owned (62 percent of capital) by private investors, the majority of which are institutions African financial institutions, and by the Central Bank of Nigeria (38 percent).


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