Etu Energias

In the last two years, Etu Energias (formerly Somoil) more than doubled its operated production from 9,987 bopd in 2021 to 23,013 bopd in 2023. Etu Energias’ vision for 2030 is to become an international player in mature fields and deepwater operations by reaching a production level of 80,000 bopd and by being the driving force behind Angola’s energy transition.

Etu Energias is the largest private Angolan oil company. It plays a pivotal role in the country’s energy scene. Established in 2000, the company spent its first two decades building a strong asset base and a lean business model.

Today, Etu Energias is the operator of 4 blocks, with a potential of up to 50,000 bopd:

• Offshore Block 2/05 (30% working interest) is home to 18 oilfields with combined reserves of more than 500 million barrels. Etu Energias estimates potential production of more than 40,000 bopd. Of the 18 fields, 17 are developed and one remains undeveloped.
• In onshore blocks FS and FST (31% working interest), Somoil sees a potential of more than 10,000 bopd of production. The company has conducted extensive 2D- and 3D-seismic surveying since it became operator in 2015, and to date around 1,000 wells have been drilled in the blocks. As of January 2021, the licence was producing 6,000 bopd.
• In onshore block CON-1 (40% working interest), exploration work is underway.
• Non-operated assets: The company also has interests in blocks 3/05 (10%), 3/05A (10%), 4/05 (18.75%), 14/14K (20%), CON-6 (35%) and 17/06 (5%), where it partners with the likes of Sonangol and Total.

Downstream: Etu Energias undertakes direct and indirect fuel marketing and operates two petrol stations in Luanda. The company plans to construct 25 to 40 fuel stations in the next 5 years.

Renewables: The company has participated in a number of small-scale solar installations.

The company is undertaking a sustained capex programme in its oilfields that will see major artificial lift upgrades, drilling and workovers with the deployment of coiled tubing, and a number of greenfield projects. Under the banner of a programme called EMAGRECE (“losing weight” in Portuguese), Etu Energias is seeking better rates from service providers – renegotiating contracts while aiming for mutual benefits via strategic synergies. Partnerships will be key to Etu Energias’ future, and the company is targeting win-win collaborations with both oil companies and suppliers.