PAC Capital Limited announced that Etu Energias has acquired Galp Energia’s stakes in Block 32, Block 14, and Block 14K offshore Angola for $443 million.
The acquisition transaction includes Galp’s 5% non-operating stake in Block 32, a 9% non-operating stake in Block 14, and a 4.5% non-operating 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.” said Edson R. Dos Santos, Etu Energias´s chairman and CEO.
This acquisition significantly enhances Angola’s energy security by empowering local companies to own strategic petroleum assets, thereby strengthening the nation’s energy sector. It marks a pivotal moment in the ongoing effort to boost local participation and leadership in the oil and gas industry in Angola.
Humphrey Oriakhi, Managing Director of PAC Capital, expressed excitement about the deal, stating, “This transaction allows another African company to enter these strategic assets, once dominated by International Oil Companies (IOCs), giving them a significant advantage with majority stakes.
