Angola's Etu Energias aims for 100,000 bpd production within 5 years-CEO

Energean

10/09/2026 15:12

By Miguel Gomes
LUANDA, Sept 10 (Reuters) - Angola's Etu Energias aims to raise oil production almost fourfold to 100,000 barrels per day within five years, its CEO said, after the privately owned company signed a deal to acquire Chevron's CVX.N interest in Blocks 14 and 14K.
The company, formerly Somoil, exercised its preemptive right to block Energean's ENOG.L $260 million bid for the same deep-water stakes as the energy company eyes organic growth and not just acquisitions.
Etu Energias sealed the Chevron deal backed by BW Energy BWE.OL and Chariot Energy, which will provide technical and operational support, with funding from Shell Western Supply and Trading.
"Etu has invested a lot in Angola. In the last four, almost five years, we have invested more than $1.5 billion in asset acquisition," Edson dos Santos told Reuters on the sidelines of an energy conference in Luanda.
In March Etu Energias also preempted Maurel & Prom and BW Energy which had agreed to buy a stake in Block 14 from BP and Eni joint venture Azule Energy.
Dos Santos said they wanted to be an integrated energy company operating oil fields and focussing on assets they control, including a new lubricant plant under construction. 
"We want to be the drivers of the car. We don't want to be co-pilots," he said.
The company, which previously flagged an initial public offering on the London Stock Exchange in 2026, said it was  still keen on this, although the timing is uncertain.
"We are structuring the company for success. We want to do an IPO, but we want to do it well, and to be successful," Dos Santos said, suggesting a timeline of around two years.
"We want to do it in Angola, but we think that, to reach our goals, we may need London Stock Exchange, or something like that."
The company's main investors include former Sonangol staffer Almeida de Sousa, a majority shareholder with a more than 50% holding, and Ana Conceiçao Nunes and Salgado Costa, who both hold 20%.

 (Reporting by Miguel Gomes and Shadia Nasralla, writing by Wendell Roelf; Editing by Louise Heavens)
 ((wendell.roelf@thomsonreuters.com; +27 21 461 3523;))