Etu Energias Discusses Milestones, Ambitions at AOG 2024
Etu Energias CEO Edson dos Santos sat down with Senior Vice President of the African Energy Chamber Verner Ayukegba at this year’s Angola Oil & Gas (AOG) 2024 conference to discuss major milestones and future ambitions for the company.
“The growth of Etu is important for Angolans. It means the growth of a company and hopefully a lot of other companies in Angola,” dos Santos stated, adding, “Etu stands for “we”, you and I in the Bantu language. That’s where we come from.”
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. This transaction doubled Etu Energias’ production capacity from 9,000 barrels of oil per day (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, 2/05A, 4/05, 17/06, CON-06, 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, Bloc 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 Glide 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.
“The future looks great. The number of opportunities available are great. We want to be a great operator. We want to drill wells. We want to expand our portfolio to downstream and renewables. This is our vision for the future,” dos Santos concluded.