Petroleum Africa
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Wednesday, June 19, 2024
Etu Energias has announced the conclusion of the acquisition of GALP Energia’s working interests in Block 32 (5%), 9% in Block 14 and 4,5% in Block 14K offshore Angola. The conclusion of this deal represents the materialization of the purchase and sale agreement between the subsidiaries of GALP Energia and Etu Energias announced on February 10, 2023, and is part of the company’s growth strategy.
Block 32
Block 32 is located approximately 260 km off the coast of Luanda, in water depths ranging from 1,400 to 2,000 meters. Production started up in 2018 and continues to be one of the biggest producing blocks in Angola. It is operated by TotalEnergies Exploration Production Angola (30%), which leads the contractor group composed of Sonangol Pesquisa e Produção, S.A. (30%), SINOPEC (20%), ExxonMobil (15%) and also Galp Energia Overseas Block 32 BV (5%).
Block 14/14K
Block 14/14K is located approximately 100 km offshore from Cabinda in Angola and covers around 4,094 km2. First oil occurred in 1999 and continues to have significant output of medium light crude oil. It is operated by Cabinda Gulf Oil Company Limited – Chevron (31%), which leads a contractor group composed of Sonangol Pesquisa e Produção, S.A. (20%), Eni Angola Exploration, B.V. (20%), Etu Energias, through its affiliate Angola Block 14 B.V. (20%) and Galp Energia Overseas Block 14 B.V. (9%).
The Transaction has been fully approved by local authorities and regulatory bodies. Financing for the Transaction was provided by an international syndicate led by the African Export-Import Bank (Afreximbank) and including Shell Western Supply and Trading Ltd, Banco Angolano de Investimento (BAI) and Banco de Fomento Angola (BFA).
“The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’ entry into deepwater oil production.The conclusion of this Transaction demonstrates the resilience of our company and 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.
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