Integrated energy company Etu Energias – formerly Somoil – has announced plans to increase oil production in Angola to 50,000 barrels per day (bpd) by 2025.
“Our goal is to be an exceptional operator in deep waters,” stated Edson dos Santos, CEO of Etu Energias, who went on to say that development of the company’s upstream portfolio falls in line with its ambitious growth plan and ultimate goal of going public.
Development of the company’s upstream portfolio is poised to increase oil production from the current 20,000 bpd to 50,000 bpd by 2025 and 100,000 bpd by 2030, dos Santos iterated.
Serving as Angola’s largest private oil company, the production target follows Etu Energias’ acquisition of non-operated interests in Angola’s offshore Block 14 from oil and gas supermajor TotalEnergies in 2022 as well as multinational energy corporation Galp’s entire Angolan upstream portfolio in February.
Etu Energias is currently engaging with European and African banks to secure financing for further acquisitions, dos Santos stated.