Oil company ETU Energias S.A. finalized the acquisition of a 2.5 percent stake in the Thai company PTTEP in Block 17/06 offshore Angola.
According to a statement from Etu Energias S.A, formerly known as Somoil – Sociedade Petrolífera Angolana S.A., quoted by Lusa, the process began in December 2022 as part of their growth strategy, with the signing of the purchase and sale contract for the mentioned stake, the value of which was not disclosed due to contractual confidentiality.
The contracting group for the block located 150 kilometers off the Angolan coast now consists of Total Energies (30%), operator, Sonangol P&P (30%), SSI (27.5%), Etu Energias B17/06 (7.5%), and Falcon Oil (5%).
The oil company’s statement highlights that Block 17/06 recently approved an investment in the Begonia field, which will be connected to the Floating Production Storage and Offloading (FPSO) unit Pazflor, already in operation in Block 17, also operated by TotalEnergies, anticipating production to commence in 2024.
Edson dos Santos, Chairman of the Board of Directors of Etu Energias, mentioned in the statement, stated that the completion of this acquisition reinforces the company’s stake in a block “that is already in a developmental phase and has excellent potential, including natural gas.”
“Etu Energias remains focused on increasing its asset portfolio to ensure profitable and sustainable growth,” emphasized Edson dos Santos.
