Etu Energias SA, Angola’s largest privately owned oil company, reported a net profit of $215.2 million in 2024, marking its fourth consecutive year of record performance.
According to a company press release, the 2024 profit represents a 53% increase over the previous year. Total operating revenue rose to $674.5 million, reflecting a 59% year-on-year growth.
The company attributed its strong financial results primarily to the successful integration of Blocks 14/14K and 32, which led to a 190% increase in production from non-operated blocks.
Additionally, production from operated blocks grew by 15%, while export volumes surged by 61%, despite a volatile oil price environment.
“Etu Energias reaffirms its position as Angola’s leading private energy company, recognized for its commitment to excellence, innovation, and national development,” the company stated.
Etu Energias is the operator of Blocks 2/05, CON1, CON2, CON6, CON8, and the FS/FST Associations. It also holds non-operating interests in Blocks 3/05, 3/05A, 4/05, 14/14K, 17/06, 14/23, and 32.
