Luanda – The Angola-based oil company ETU Energias S.A. has acquired a further 2.5 percent of the Thai company PTTEP stake, which operates Angola’s offshore Block 17/06, adding to 7.5 percent its business participation, ANGOP has learnt.
According to the company, which did not disclose the value of purchase, the action is part of its growth strategy.
The block located 150 kilometers off the Angolan coast is now made up of Total Energies (30%), the operator, Sonangol P&P (30%), SSI (27.5%), Etu Energias B 17/06 (7.5%) and Falcon Oil (5%).
Etu, which in the Bantu language means "We", is the new name of the Somoil oil company founded in 2000, it began its activities in 2003 with the distribution of fuels, solar energy activities and consultancy, then in 2005 and 2007 it bought stakes in non-operated blocks.
Etu Energias is the operator of Block 2/05, the FS-FST and CON-1 Associations, and holds interests (as a non-operator) in Blocks 3/05, 3/05A, 4/05, 14, 17/06 and CON-6.
OPF/AC/AMP
