Etu Energias Sets Sights on 80,000 BPD Production Target by 2030
Angola’s leading private oil producer, Etu Energias, is accelerating ambitious expansion plans to achieve 80,000 barrels per day production by 2030, supporting Angola’s goal of maintaining oil output above one million barrels per day well beyond 2027.
Driving this ambitious target is an aggressive portfolio of exploration and development projects. In May 2025, the company signed a 25-year Risk Service Contract for onshore Block CON 4, featuring a five-year exploration phase followed by two decades of production. Partnering with Sonangol and Gesprocon, Etu Energias has completed initial studies and is preparing for comprehensive seismic surveys.
Currently engaged in eight exploration ventures, ten development initiatives, and seven redevelopment projects, the company is expanding across Angola’s underexplored oil regions. In 2025, deforestation and demining operations for Block FS/FST will set the stage for the first exploration well, while offshore Block 2/05 exploration studies near completion with drilling scheduled for 2025 and 2026.
To fund these endeavors, Etu Energias is preparing for a public listing in 2026, designed to reduce debt, broaden the investor base, and fuel future expansion. The company’s forward momentum builds on a highly successful 2024, expanding its portfolio from six to fifteen assets while boosting reserves 2.5 times to reach 106 million barrels.
Strategic acquisitions played a crucial role, with increased stakes in several key offshore blocks: Block 2/05 expanded from 30% to 36%, Block 14 from 20% to 29%, Block 14K from 10% to 14.5%, and Block 17/06 from 5% to 7.5%. These additions are expected to significantly enhance production capacity and unlock previously untapped deposits.
Beyond upstream operations, Etu Energias is entering the downstream market through a partnership with Glide Petroleum, launching a 1,000-ton-per-month lubricant line with production beginning in 2025. The initiative targets capturing 25% of the market by 2029, further diversifying the company’s energy offerings.
Source: energycapitalpower.com