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Etu Energias de Angola plans an initial public offering (IPO) in 2026, its chief executive said on Wednesday, weeks after it finalised a deal to buy the Angolan offshore holding company of Portugal’s Galp Energia for $400 million.
The acquisition, completed in June, will double the capacity of Etu Energias, formerly Somoil, to about 24,000 barrels per day (bpd), Chief Executive Officer Edson dos Santos said.
“Our goal is to be a public company by 2026. That’s our goal,” Chief Executive Officer Edson dos Santos told Reuters.
“Initially, we wanted to consider a dual listing between Angola and London. We have ruled out Johannesburg as the first exchange, so it might be Angola first and then the London Stock Exchange,” he said.
Etu Energias’ purchase of 5% stake in Block 32, 9% in Block 14 and 4.5% in Block 14K fits into a wider move where local energy companies have bought areas from major companies including Shell and TotalEnergies by selling their assets. Nigeria and Angola are Africa’s first and second largest oil producers, respectively.
The agreement gives Etu Energias its first access to relatively unexplored but technically challenging deep waters off Angola.
The company has also acquired onshore areas and intends to start exploratory drilling next year with the goal of reaching a target of 50,000 barrels per day by 2030, dos Santos said.
Saudi Aramco Chief Executive Amin Nasser said on Tuesday he expects oil demand to grow but market fundamentals do not justify lower oil prices, which are currently below $80 a barrel.
But Etu Chief Executive Dos Santos said the price was good. “For a company that makes decisions (and) plans based on $60 (a barrel), seeing oil at $80 is a huge positive for us,” he said.
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