The Africa Finance Corporation (AFC) has made a strategic investment of $60 million in Etu Energias – the largest private oil company in Angola – as part of a $190-million debt facility aimed at supporting the company’s acquisition of oil and gas reserves co-owned by TotalEnergies and INPEX Corporation.
With the completion of the acquisition, Etu Energias will own a 20% stake in deepwater Block 14 and a 10% interest in deepwater Block 14K, situated 100km off the northern coast of Cabinda. Both blocks are currently operated by Chevron. The transaction will effectively double Etu Energias’ net production rate from 9,000 to 19,000 barrels per day, solidifying its position as Angola’s premier indigenous oil and gas company.
AFC’s President and CEO, Samaila Zubairu, emphasized the finance institution’s dedication to advancing the growth of indigenous companies in Africa’s energy sector, noting: “Our financial backing aligns with AFC’s broader mission to support the sustainable development of Africa’s vast resources, while retaining value on the continent.”
Edson Rodrigues Dos Santos, CEO of Etu Energias, added: “This acquisition marks a significant step as we aim to enhance our operational capabilities by providing a distinctive opportunity for local players like us, especially in offshore operations where international oil companies have historically held dominance.”
The senior debt facility is structured as a club loan, with AFC actively participating as a co-mandated lead arranger alongside the African Export-Import Bank and Angola’s Banco BAI.