Ahead of the Angola Oil & Gas (AOG) 2025 conference – scheduled for September 3-4 in Luanda – Etu Energias released a results presentation highlighting recent milestones and its future outlook. Building on strong 2024 results, the company has committed to profitable and sustainable growth. In 2024, Etu Energias expanded its portfolio of operated and non-operated blocks from 6 to 15, showing a two and a half-fold increase. Additionally, the company’s oil reserves grew by 2.6 times, reaching 106 million barrels in 2024. By 2030, the company strives to increase reserves to 387 million barrels.

With operatorship of seven blocks with a potential of 50,000 bpd and interests in eight blocks operated by third parties, the company has set a bold and structured plan for 2025 focused on five key pillars: operational excellence, growth, financing, people and ESG. To increase production while reducing costs and advancing both development and exploration assets, the company is scaling-up its operations and block shares. The company increases its stake in Block 2/05 from 30% to 36%; in Block 14 from 20% to 29%; in Block 14K from 10% to 14.5%; and in Block 17/06 from 5% to 7.5%.

Looking ahead, the company aims to advance exploration and development across various assets. Ongoing projects include eight exploration project, 10 development projects and seven redevelopment projects. In 2025, the company continues its 3D seismic campaign in Block FS/FST, with deforestation and demining anticipated in May 2025. The first exploration well (Chimacuanga) is expected to be spud this year. In newly-acquired Blocks CON 1 and CON 4, the company will complete feasibility studies this year, with speculative seismic surveys being carried out. For CON 1, the first phase of studies has been complete and a seismic survey has been defined, targeting 430 km of 2D data in the first phase. In Block 2/05, the company will complete exploration studies in 2025, with well-drilling targeted for 2025/2026.

Beyond the upstream oil sector, Etu Energias is deepening its focus on downstream and gas monetization, supporting the country’s energy diversification and security goals. Key priority areas include an expanded retail and distribution network, the construction of storage facilities and lubricant units, the monetization of gas from operated blocks and the development of a storage and export terminal – either an inland terminal or via FSO leasing. In March 2024, Etu Energias launched a lubricant line in collaboration with petroleum producer Glide Technology. The project will start construction in 2025 and targets a capacity of 1,000 tons per month. Etu Energias will also expand investments in renewable energy, specifically through the construction of solar facilities and a hydroelectric power plant.

Etu Energias’ 2025 outlook reflects a bold strategy to unlock value from Angola’s oil, gas and renewable energy resources. Speaking at the AOG conference in 2024, the company’s CEO Edson dos Santos explained that the company wants “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.”

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; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; 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 [email protected].