Angola’s largest private oil company, Etu Energias, will hold an IPO in 2026, according to the company’s CEO Edson R. dos Santos. 

The plan to go public follows the company’s USD 400-million acquisition of Galp Energia’s offshore stakes in Angolan blocks 32, 14 and 14K in June 2024. According to the company, it has also acquired onshore territory and plans to begin exploration drilling next year.

Dos Santos noted that the company is looking at a dual listing, stating, “Initially we wanted to look at dual listing between Angola and London. We ruled out Johannesburg as the first one, so it’s likely going to be Angola first and then the London Stock Exchange next.”

Etu Energias (formerly Somoil) plays a pivotal role in the Angola’s energy sector. Established in 2000, the company spent its first two decades building a strong asset base and a lean business model.

Etu Energias is the operator of 4 blocks, with a potential of up to 50,000 bopd:

• Offshore Block 2/05 (30% working interest) is home to 18 oilfields with combined reserves of more than 500 million barrels. Etu Energias estimates potential production of more than 40,000 bopd. Of the 18 fields, 17 are developed and one remains undeveloped.
• In onshore blocks FS and FST (31% working interest), Etu Energiasl sees a potential of more than 10,000 bopd of production. The company has conducted extensive 2D- and 3D-seismic surveying since it became operator in 2015, and to date around 1,000 wells have been drilled in the blocks. As of January 2021, the licence was producing 6,000 bopd.
• In onshore block CON-1 (40% working interest), exploration work is underway.
• Non-operated assets: The company also has interests in blocks 3/05 (10%), 3/05A (10%), 4/05 (18.75%), 14/14K (20%), CON-6 (35%) and 17/06 (5%), where it partners with the likes of Sonangol and Total.

KeyFacts Energy: Etu Energias Angola country profile