![]() ![]() The acquisition doubles Etu Energias’ net production rate from 9,000 barrels per day (bpd) to 19,000 bpd, cementing the company’s position as Angola’s leading indigenous upstream oil and gas company and a key player in the evolving energy sector. Both blocks are operated by US-based company, Chevron. Following the acquisition, Etu Energias will own a 20% stake in deepwater Block 14 and 10% of deepwater Block 14K, oil reserves located 100 kilometres offshore from Cabinba, northern Angola. The investment is part of a $190 million debt facility to support Etu Energias in acquiring oil and gas reserves co-owned by France’s TotalEnergies and Japan’s Inpex Corporation. LUANDA, Angola - Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has invested US$60 million in Etu Energias (formerly Somoil), the largest private Angolan oil company, as part of a drive to boost indigenous participation in the continent’s energy sector.
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