PAC Capital Limited announced that Etu Energias has purchased Galp Energia’s interests in three offshore Angolan blocks for $443 million.
The acquisition includes Galp’s 5% non-operating stake in Block 32, a 9% non-operating stake in Block 14, and a 4.5% non-operating stake in Block 14K.
Edson R. Dos Santos, Chairman and CEO of Etu Energias, highlighted the significance of the deal: “The successful collaboration between all parties was crucial for this transaction, marking Etu Energias’ entry into deepwater oil production.
This acquisition is a major milestone in our strategy to create a profitable and diversified portfolio.”
This transaction bolsters Angola’s energy security by increasing local ownership of key petroleum assets, thereby reinforcing the country’s energy sector.
It represents a significant step in enhancing local participation and leadership within Angola’s oil and gas industry.
Humphrey Oriakhi, Managing Director of PAC Capital, praised the deal, noting, “This acquisition enables an African company to gain access to strategic assets previously held by International Oil Companies (IOCs), providing a notable advantage with substantial stakes in these fields.”
