Angola’s largest privately-held oil company Etu Energias – formerly Somoil – plans to hold an Initial Public Offering (IPO) in 2026. The IPO will support efforts to raise capital as the company strengthens its asset portfolio in Angola.
Etu Energias has set a target to increase its production capacity to 50,000 barrels per day by 2030 while expanding its presence across Angola’s offshore oil and gas market. In addition to raising funds and supporting debt reduction, the IPO will enhance the company’s credibility while granting access to a boarder investment pool.
“Our goal is to be a listed company by 2026,” Etu Energias CEO Edson dos Santos told Reuters. “Initially we wanted to look at dual listing between Angola and London. We ruled our Johannesburg as the first one, so it is likely going to be Angola first and then London Stock Exchange next.”
The announcement follows Etu Energias’ recent acquisition of energy corporation Galp Energias’ working interests in Block 32, Block 14 and Block 14K, offshore Angola. The $400 million deal marks the company’s entry into Angola’s deepwater oil production.
