Etu Energias, S.A., announced it has completed the acquisition of Galp Energia’s stakes in Block 32 (5%), Block 14 (9%), and Block 14K offshore Angola.
Block 32 is approximately 260 km offshore Luanda, with water depths ranging from 1,400 to 2,000 m. Production started 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, S.A. (30%), SINOPEC (20%), ExxonMobil (15%), and also Galp Energia Overseas Block 32 BV (5%).
Block 14/14K is approximately 100 km offshore from Cabinda in Angola and covers around 4,094 km2. The first oil production occurred in 1999 and continues to have a 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, B.V. (20%), Etu Energias, through its affiliate Angola Block 14 B.V. (20%), and Galp Energia Overseas Block 14 B.V. (9%).
“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.” Edson R. Dos Santos, Etu Energias´s chairman and CEO,.
Etu Energias, formerly Somoil, is the largest privately-owned oil and gas company in Angola. It operates onshore assets FS, FST, CON-1, and CON-6, along with Block 2/05 offshore in the 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.
