Etu Energias signs $400mn with Afreximbank to expand oil & gas

Etu Energias, an Angolan oil and gas company, recently made headlines with the signing of a $400 million Afreximbank syndicated facility. This landmark deal is expected to not only boost the company's operations but also double its oil production. The CEO of Etu Energias, Edson Dos Santos, spoke with CNBC Africa to provide insights into the significance of this deal and its potential impact on the company's future. The team at the conference was highly praised for their efforts in bringing African and Caribbean markets closer together, which is key for the company's expansion plans. The involvement of Afreximbank, Shell Trading, and Angolan banks BFA and BAI signifies a collaborative effort to drive growth in the region's oil and gas sector. Dos Santos highlighted that the acquisition of producing assets from GALP, a Portuguese energy company, will allow Etu Energias to join major oil companies like Total and Chevron in offshore Angola. This strategic move is set to not only increase the company's net production but also significantly boost its revenue and profits. The CEO emphasized the valuable learning opportunities that come with working closely with international oil giants, which will ultimately benefit Etu Energias' operations in Angola. He also stressed the importance of the private sector in the success of initiatives like the Global Africa Initiative. Dos Santos expressed optimism about the growing opportunities in the oil and gas space, especially with the shifting focus of international companies to newer assets. He sees great potential for indigenous companies like Etu Energias to thrive in this evolving landscape. The CEO highlighted the need for collaboration among African and Caribbean players to maximize these opportunities and expand their presence in the market. By diversifying their risk geographically, companies like Etu Energias aim to capitalize on emerging markets like Guyana, where significant oil discoveries have been made. Dos Santos underscored the importance of networking and collaboration in driving Africa's energy sector forward. He noted the crucial role that renewables will play in the future of energy and emphasized Angola's potential to lead in this transition. Overall, the CEO's key takeaway from the conference was the importance of collective action in advancing the region's energy landscape and taking Africa to new heights in the global market.