Ver Angola


Angolan oil company Etu Energias increases stake in Block 17/06

ETU Energias S.A. has finalized the acquisition of a 2.5 percent stake in the Thai company PTTEP, in Block 17/06 offshore Angola, the largest national private oil company announced.


According to a note from Etu Energias S.A, formerly Somoil – Sociedade Petrolífero Angolana S.A., the process began in December 2022, as part of its growth strategy, with the signing of the purchase and sale contract of the aforementioned participating interest, the value of which was not revealed due to contractual confidentiality issues.

The contracting group for the block located 150 kilometers off the Angolan coast is now made up of Total Energies (30 percent), operator, Sonangol P&P (30 percent), SSI (27.5 percent), Etu Energias B17/06 (7 .5 percent) and Falcon Oil (5 percent).

The oil company's statement highlights that Block 17/06 had recently approved investment in the Begónia field, which will be connected to the Pazflor production and storage unit (FPSO), already in operation in Block 17, also operated by TotalEnergies, anticipating the start of production in 2024.

The chairman of the Board of Directors of Etu Energias, Edson dos Santos, mentioned in the note, said that the completion of this acquisition represents for the company the reinforcement of its participation in a block “which is already in the development phase and which has excellent potential, including natural gas”.

“Etu Energias remains focused on increasing its asset portfolio in order to ensure profitable and sustainable growth,” highlighted Edson dos Santos.


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