To acquire shares in the 14, 14 K and 32 offshore production areas previously operated by Galp Energia and thus strengthen its position in the oil and gas industry in Angola, Etu Energias (Ex-Somoil) has invested some 443 million dollars.

The acquisition transaction, which was finalized on the sidelines of the 31st Afreximbank Annual Meetings (AAM) and the 3rd AfricaCaribbean Trade and Investment Forum (ACTIVE) in Nassau, Bahamas, includes Galp's non-operational stake of 5% in Block 32, 9% in Block 14, and 4.5% in Block 14, and 4.5% in the 14K block.

Bolarinwa Sanni, Principal at PAC Capital, emphasized the strategic importance of this acquisition: “This transaction is not only an important step for Etu Energias, but also a step forward in strengthening local ownership and control of key energy assets in Angola. We are proud to have facilitated this historic transaction.

“The close collaboration between the various parties was fundamental to the success of this business, which represents the entry of Etu Energias into deep-sea oil production. The conclusion of this transaction demonstrates the resilience of our business and is an important step in our strategy to build a profitable and diversified portfolio,” according to Edson R. Dos Santos, President and CEO of Etu Energias. He expressed his deep appreciation for PAC Capital's support and role in the transaction: “PAC Capital's expertise and dedication were instrumental in making this acquisition happen. The fund's skilful strategic set-up has successfully concluded this complex transaction, allowing us to become a leading player in Angola's oil and gas sector

This acquisition significantly strengthens Angola's energy security by allowing local businesses to own strategic oil assets, thereby strengthening the country's energy sector.