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18 Jun 2024

Etu Energias Buys Galp Stakes in Angolan Offshore Blocks

Etu Energias Buys Galp Stakes in Angolan Offshore Blocks
Etu Energias Buys Galp Stakes in Angolan Offshore Blocks
Angolan oil company Etu Energias has completed the acquisition of energy corporation Galp Energia’s working interests in Block 32, Block 14 and Block 14K, offshore Angola.

Announced by Angola’s national concessionaire the National Oil, Gas and Biofuels Agency on June 12, the agreement will see Etu Energias acquire a 5% stake in Block 32, a 9% stake in Block 14 and a 4.5% stake in Block 14K.

“The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’ entry into deepwater oil production. The conclusion of this transaction demonstrates the resilience of our company and represents a huge step in our strategy to build a profitable and diversified portfolio,” stated Etu Energias Chairman and CEO Edson dos Santos.

Financing for the transaction was provided by a consortium led by private banking company the African Export-Import Bank. The consortium includes global petrochemical company Shell Western Supply and Trading and Angolan banking companies Banco Angolano de Investimento and Banco de Fomento Angola.

Situated approximately 260km off the coast of Luanda, Block 32 is operated by energy supermajor TotalEnergies (30%) while participating interests are held by Angola’s parastatal Sonangol (30%), petroleum refineries company Sinopec (20%), energy major ExxonMobil (15%) and Galp (5%).

Block 14/14K are operated by multinational oil corporation Chevron – through its subsidiary Cabinda Gulf Oil Company – (31%), while Sonangol (20%), international energy company Azule Energy (20%), Etu Energias (20%) and Galp (9%) hold participating interests.

Conclusion of the acquisition comes after the signing of a purchase and sale agreement between Etu Energias and Galp on Februay 10, 2023. The transaction has attained all requisite regulatory approvals.

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