(MENAFN- African Press Organization)
Etu Energias – Angola's largest private oil producer – has joined the Angola Oil & gas (AOG) conference and exhibition as a silver sponsor. The company's return to the event signals a strong commitment to Driving Exploration and Development Towards Increased Production in Angola – the theme of this year's event.
Etu Energias – formerly Somoil – has set a target to produce 50,000 barrels per day (bpd) by 2025 and 100,000 bpd by 2030, with investments in exploration and partnerships with other Angolan operators representing a key strategy to achieve this goal. Active across the entire oil and gas value chain, Etu Energias' goal to increase production aligns with the company's vision to contribute to the development of the Angolan economy. During the AOG 2024 conference this October, the company will unpack this strategy while engaging with global project developers and investors.
AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola's oil and gas industry. To sponsor or participate as a delegate, please contact ... .
As an integrated company, Etu Energias' projects range from upstream exploration and downstream distribution to renewable energy development and consulting services. Upstream, the company secured a strategic investment of $60 million in November 2023 as part of a $190 million debt facility to support asset acquisition in Angola. With the finance, Etu Energias acquired a 20% stake in the deepwater Block 14 and a 10% stake in the deepwater Block 14K – situated offshore. The transaction doubled Etu Energias' production capacity from 9,000 bpd to 19,000 bpd.
Currently, Etu Energias is operator of Blocks FS-FST, 2/05, CON-1 and CON-4. The company also has interests in Blocks 3/05, 3.05A, 4/05, 17/06, CON-6, 14 and 14K. By 2030, Etu Energias aims to consolidate its position as an operator in onshore, shallow and mature fields; participate in golden blocks through partnerships; develop a medium-sized network of fueling stations; and reestablish onshore storage and export for production at FST, Block 2/05, Block 3/05 and new blocks acquired in the onshore Congo basin.
Downstream, Etu Energias launched a lubricant line in March 2024 in collaboration with petroleum producer Gilde Technology. A joint venture (JV) was established to spearhead the development of a lubricant facility in Angola's capital city Luanda, which will have a capacity of 1,000 tons per month. Set to begin construction in 2025, the JV aims to capture 25% of the market share by 2029.
Etu Energias sponsorship at AOG 2024 reflects a commitment to meeting these goals while bolstering production growth in Angola even further. During the 2023 edition of the conference, the company signed a Technical Services Agreement with oilfield services company SLB for the development of Block 2/5. This year's conference will see similar deals signed as major operators such as Etu Energias commit to the development of the Angolan oil and gas industry.
Distributed by APO Group on behalf of Energy Capital & Power.
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