Angola's Etu Energy aims to produce 100,000 bpd within five years - CEO
Etu Energias, a privately-owned company in Angola, aims to increase oil production by almost a 'fourfold' to 100,000 barrels a day within five year, according to its CEO. This comes after the company signed a 'deal' to purchase Chevron's 'interest' in Blocks 14 and 14.K.
The?company - formerly Somoil - exercised its right of preemption to block Energean’s bid for $260 million stakes in the same deep water as the energy firm aims at organic growth, not just acquisitions.
Etu Energias has sealed the Chevron agreement, backed by BW Energy and Chariot Energy. These companies will provide technical and?operational?support with funding provided by Shell Western Supply and Trading.
"Etu is a big investor in?Angola." "In the last four years, or almost five, we've invested over $1.5 billion on asset acquisition," said?Edson Dos Santos at an energy conference held in Luanda.
Etu Energias?preempted Maurel & Prom, BW Energy and Azule Energy joint venture BP-Eni to purchase a'stake' in Block 14 on March.
Dos Santos stated that they want to become an integrated energy company, operating oilfields and focusing on assets they own. This includes a new lubricant factory under construction.
We want to drive the car. "We don't want co-pilots," said he.
Although the timing of the IPO is not certain, the company still wants to do it.
"We are structuring our company to?succeed." Dos Santos stated that he wanted to "do an IPO" but he also wanted to make it successful.
We want to do it in Angola but think we might need the London Stock Exchange to achieve our goals.
Almeida De?Sousa is the company's largest investor, with more than 50% of the shares, followed by Ana Conceicao Nunes, Salgado Costa and Ana Conceicao Nunes, each holding 20%.
(source: Reuters)
