Etu Energias Discusses Milestones, Ambitions at AOG 2024
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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.