Etu Energias makes deepwater entry with $443 million Galp Energia deal offshore Angola
(WO) – Etu Energias has entered a deal to acquire Galp Energia’s stake in Block 32, Block 14, and Block 14K offshore Angola for $443 million. The announcement was made by PAC Capital Limited, an investment banking firm involved in the transaction.
The acquisition transaction includes Galp’s 5% non-operating stake in Block 32, 9% non-operating stake in Block 14, and 4.5% non-operating stake in Block 14K.
“The close collaboration between the different parties was fundamental to the success of this business, which represents Etu Energias’ entry into deepwater oil production. The conclusion of this Transaction demonstrates the resilience of our company and represents a huge step in our strategy to build a profitable and diversified portfolio.” said Edson R. Dos Santos, Etu Energias´s Chairman and CEO.
This acquisition significantly enhances Angola's energy security by empowering local companies to own strategic petroleum assets, thereby strengthening the nation’s energy sector. It marks a pivotal moment in the ongoing effort to boost local participation and leadership in the oil and gas industry in Angola.
Humphrey Oriakhi, Managing Director of PAC Capital, expressed his excitement about the deal, saying, “This transaction provides the opportunity for another African company to make inroads into these strategic assets, previously dominated by International Oil Companies (IOCs), thereby giving a significant advantage for majority stakes.”
