Etu Energias closes deal with Galp for Angolan blocks

Etu Energias closes deal with Galp for Angolan blocks

LUANDA, June 13, 2024 – Angolan energy company Etu Energias has concluded the acquisition of Galp Energia’s working interests in Block 32, Block 14 and Block 14K offshore Angola, Etu Energias announced on Thursday.

The transaction gives Etu Energias a 5% interest in Block 32, located approximately 260 kilometres off the coast of Luanda in water depths ranging from 1,400 metres to 2,000 metres. It is operated by TotalEnergies Exploration Production Angola and has been one of the largest producing blocks in the country since achieving first oil in 2018.

 

Etu Energias additionally gains working interests of 9% in Block 14 and 4.5% in Block 14K, located around 100 kilometres offshore Cabinda and covering an area of around 4,094 square kilometres. They are operated by Cabinda Gulf Oil Company Limited – Chevron.

Financing for the transaction was provided by an international syndicate led by the African Export-Import Bank and including Shell Western Supply and Trading Ltd, Banco Angolano de Investimento and Banco de Fomento Angola.

“The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’s entry into deepwater oil production. The conclusion of this transaction represents a huge step in our strategy to build a profitable and diversified portfolio,” said Edson R. Dos Santos, chairman and CEO of Etu Energias.

The transaction has been fully approved by local authorities and regulatory bodies and marks the conclusion of the purchase and sale agreement for the blocks signed by the companies in February 2023.

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