Investment firm PAC Capital has completed a $443 million Acquisition Facility for Angolan oil company Etu Energias to acquire stakes in offshore blocks from Portuguese energy firm Galp.
Etu Energias will acquire a 5% non-operating stake in Block 32; a 9% non-operating stake in Block 14 and 4.5% non-operating stake in Block 14K, offshore Angola.
Edson Dos Santos, CEO of Etu Energias, said the acquisition marks the firm’s entry into deepwater production, adding “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.”
Empowering local energy firms to acquire strategic assets previously dominated by international oil companies aligns with efforts by Angola to enhance its local content development and Angolanization agenda, states PAC Capital.
“This deal is not just a significant milestone for Etu Energias but also a transformative step towards strengthening local ownership and control of key energy assets in Angola,” stated Bolarinwa Sanni, Senior Director at PAC Capital.
