Etu Energias shows strong 2024 performance and bold vision for 2030

Angola

Etu Energias is Angola’s largest private energy company and has set ambitious goals for its future. Following record growth in 2024, the company intends to further increase its production, invest in renewable energy, develop its downstream segment, reinforce its commitments to ESG principles and lay the groundwork for a future IPO.

The Energy Year team in Angola was honoured to take part in two exclusive events hosted by Etu Energias, Angola’s largest private energy company and a growing leader across the African energy landscape.

The first event, “Coffee with the Media,” brought together select members of the press for an insightful exchange with the CEO, Edson R. dos Santos, who presented the company’s impressive 2024 performance and strategic priorities for 2025 and beyond.

The second event, the “Investors Call,” included executives from Angola’s leading banks, financial institutions, investors, the Regulatory Institute for Oil Derivatives and the National Oil, Gas and Biofuels Agency and focused on Etu Energias’ financial results, production output, medium- to long-term business objectives and investment opportunities in the short and medium term.

There were several key takeaways from the events.

• Production growth: Etu Energias reported a daily production output of 21,918 bopd in 2024, representing a 540% increase since 2020. The company is targeting 80,000 bopd by 2030 as it continues to scale operations.
• Financial performance: Revenue reached USD 215.2 million in 2024, an extraordinary 52,400% increase compared to 2020. By 2030, Etu aims to achieve USD 785 million in net revenues, a 360% increase compared to its current position.
• Renewable energy: Etu will accelerate investment in solar power and green energy as part of a broader sustainability agenda.
• Downstream development: The company will expand its downstream footprint through an increase in the number of retail stations across the country.
• ESG commitments: Environmental, social, and governance frameworks will be reinforced across all areas of the business.
• Objectives: The company will lay the groundwork for a future IPO.

At the “Coffee with the Media” session, The Energy Year asked Adilson Lima, board member (non-executive) for legal affairs of Etu Energias, about the implications of Angola’s incremental production (IP) legislation for the company’s work in mature oilfields.

“We welcome the IP legislation as a strong move towards facilitating investment in Angola’s mature fields,” Lima said. “Etu Energias is working alongside the relevant institutions to ensure that the legal framework increasingly favours local operators.”

Specifically for the 2025 programme, Etu Energias announced an investment plan of USD 223.6 million, representing a 263% increase from 2024. The plan includes:

• USD 193.4 million for upstream activities, including a significant redevelopment programme for Block 2/05;
• USD 5.2 million for downstream expansion, including two new fuel stations; and
• USD 25 million for renewable energy projects, a 3,025% increase in this segment.

Regarding its ESG footprint, the company reported significant progress in its initiatives, including the conversion of generators to natural gas in the FS and FST Associations and a sharp reduction in its diesel consumption.

To conclude the “Investor Call” session, dos Santos highlighted that “these remarkable results validate Etu’s strategic vision of becoming an operator of excellence with a selective portfolio of low-cost, low-carbon upstream assets while working towards the energy transition.”

Through strong financial performance, ambitious production targets and a forward-thinking strategy, Etu Energias is positioning itself as a global player for the next phase of Africa’s energy future.

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