Etu Energies ups stake in prize Angolan oil and gas block

Etu Energias ups stake in prize Angolan oil and gas block

LUANDA, December 21, 2023 – Etu Energias (formerly Somoil) has acquired an additional 2.5% interest from Thailand’s PTT Exploration and Production in offshore Block 17/06 in Angola, the local E&P player announced on Thursday.

Under the new agreement, TotalEnergies will continue operating the concession with a 30% stake alongside Sonangol with a 30% stake, SSI with a 27.5% stake, Etu Energias with a 7.5% stake and Falcon Oil with a 5% stake.

The block is located 150 kilometres off the Angolan coast.

“The conclusion of this acquisition represents, for Etu Energias, the reinforcement of our interest in a block in which we believe, which is already in the development phase and which has excellent potential, including for natural gas,” said Edson Dos Santos, chairman of the board of directors of Etu Energias.

In July 2022, TotalEnergies completed its FID on the Begonia oilfield project on Block 17/06.

The project will consist of five wells tied back to the Pazflor FPSO, which currently operates on Block 17. Production from the Begonia oilfield will add 30,000 bopd to the FPSO’s production.

Commissioning of the Begonia oilfield project is expected in 2024.

Etu Energias also operates offshore Block 2/05, the onshore FS-FST, CON 1 and CON 6 licences and holds interest in blocks 3/05, 3/05 A, and 14/14K.

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