Etu Energias Acquires Galp’s Share in Angola’s Offshore Blocks

Tuesday, June 18, 2024

Angolan energy company Etu Energias, formerly Somoil, has acquired Galp’s stake in three blocks offshore Angola, operated by TotalEnergies and Chevron.

Etu Energias concluded the acquisition of Galp’s working interests in Block 32 (5%), Block 14 (9%) and in Block 14K (4.5%), offshore Angola.

The conclusion of the deal represents the materialization of the purchase and sale agreement between the subsidiaries of Galp and Etu Energias announced on February 10, 2023.

Block 32 is located approximately 260 km off the coast of Luanda, in water depths ranging from 1,400 to 2,000 meters.

Production started up in 2018 and continues to be one of the biggest producing blocks in Angola.

It is operated by TotalEnergies Exploration Production Angola (30%), which leads the contractor group composed of Sonangol Pesquisa e Produção (30%), SINOPEC (20%), ExxonMobil (15%) and now Etu Energias.

Block 14/14K is located approximately 100 km offshore from Cabinda in Angola and covers around 4,094 km2.

First oil was achieved in 1999 and continues to have significant output of medium light crude oil.

It is operated by Cabinda Gulf Oil Company Limited - Chevron (31%), which leads a contractor group composed of Sonangol Pesquisa e Produção, S.A. (20%), Eni Angola Exploration (20%), Etu Energias, through its affiliate Angola Block 14. (20%) and Galp (9%), before the sale to Etu Energias.

The transaction has been fully approved by local authorities and regulatory bodies.

“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.” said Edson R. Dos Santos, Etu Energias´s Chairman and CEO.

Etu Energias is the largest private, fully Angolan oil and gas company. It currently operates onshore assets FS, FST, CON-1 and CON-6 as well as Block 2/05 offshore lower Congo Basin.

Additionally, Etu Energias holds working interests in Blocks 3/05, 3/05-A, 4/05, 14/14K (from a previous acquisition) and 17/06.

Categories: Mergers & Acquisitions Industry News Activity Africa Oil and Gas

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