Angola’s Etu Energias secures finance deal for expansion
CAPE TOWN, October 24, 2023 – Angolan oil and gas player Etu Energias (formerly Somoil) has signed a finance deal signed with Africa Finance Corporation (AFC), paving the way for asset acquisitions across Africa.
On the sidelines of African Energy Week 2023, the company struck a deal with AFC for funding to back asset acquisitions across the continent. Last year, CEO Edson Rodrigues dos Santos told The Energy Year that the company has a “clear plan to grow and expand its presence in Angola and beyond.”
Read our latest interview with Edson Rodrigues Dos Santos here.
The company was also responsible for the keynote speech at the event’s Invest in Angola panel, which spotlighted investment opportunities in sub-Saharan Africa’s largest oil producer. The roundtable saw participants discuss strategies to maximise exploration, invest in new technologies to revitalise mature fields and explore new frontiers to ensure future production. It also offered young Angolans a chance to network with major industry players.
Meanwhile, CEO dos Santos was honoured with an award nomination for Best Executive of the Year, just weeks after winning the Special Leadership Commendation Award at the International Forum on African-Caribbean Leadership 2023.
Overall, the event provided the company with an opportunity to present its growth strategy, create synergies and establish partnerships with the energy industry’s key investors.
Etu Energias is a star local hydrocarbons player in Angola, where it operates Block 2/05, associations FS-FST, CON 1 and CON 6 and holds interest in blocks 3/05, 3/05 A, 17/06 and 14/14K.
Earlier this month, the company announced it had taken over operatorship of the CON 6 onshore concession from partner Mineral One. CON 6 is a strategic block for Etu Energias, being adjacent to onshore and offshore assets operated by the company. The Lower Congo Basin concession is currently under exploration, with first oil expected in 2026.