Angolan oil producer Etu Energias is pursuing accelerated oil production in Angola, with advancements in onshore exploration and offshore development positioning it to achieve its 80,000 bpd goal.
Etu Energias has eight exploration projects, 10 development projects and seven redevelopment projects in the pipeline. This strategy follows a successful year in 2024, whereby the company reported its strongest financial results to date. During the year, Etu Energias achieved a 53% increase in net profit compared to 2023, increased its portfolio of operated and non-operated assets from 6 to 15 and grew its oil reserves 2.5 times to reach 106 million barrels. Looking ahead, the company plans to reach 387 million barrels in oil reserves by 2030.
In 2025, Etu Energias has made several key advancements across its oil and gas portfolio. These include the start of production at the Begonia field development in Block 17/06 – achieved in collaboration with TotalEnergies (operator), Sonangol and Falcon Oil. The project adds 30,000 bpd to Angola’s production capacity and represents the first inter-block development in the country. The development follows Etu Energias kickstarting drilling operations at Block 2/05 – situated in the shallow waters of the province of Zaire – in July 2025. The company is advancing the redevelopment of the block through an extensive drilling program, which includes three development wells, one exploration well and five technical interventions across existing wells. Etu Energias increased its stake in Block 2/05 in 2024 from 30% to 36%, cementing its position as an offshore producer.
Meanwhile, Etu Energias is also leading exploration in the onshore Angolan market. The company signed a Risk Service Contract for Block CON 4 in May 2025, granting it a 25-year operating license for the block. Five years are dedicated to the exploration phase while 20 years is allocated for production. In addition to Block CON 4, Etu Energias is the operator of Block CON 1. The first phase of studies for CON 1 has been completed and a seismic survey has been defined – targeting 430 km of 2D data in the first phase. At Block FS/FST, Etu Energias continues its 3D seismic campaign. The company plans to spud the first exploration well at the block later this year. These efforts align with both Etu Energias’ goals to increase production as well as Angola’s broader ambitions to revitalize onshore production.
To support its exploration and production strategy, Etu Energias plans to make an Initial Public Offering (IPO) in 2026. Supporting debt reduction and capital raising, the IPO will increase the company’s capacity to accelerate development activities and take on new projects. For investors, the IPO represents a strategic opportunity to participate in Angola’s oil and gas development through a competitive local upstream company.
“Etu Energias represents the kind of company that Africa needs. As an Angolan firm with deep-rooted experience in the sector, the company understands the market, is eager to work with upstream partners and is instrumental in supporting the country’s industry goals,” said Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. “With a clear production target of 80,000 bpd and plans for an IPO, Etu Energias is reaffirming its position as a major player in Angola’s oil and gas sector.”
Distributed by APO Group on behalf of African Energy Chamber.
