• Angola’s Etu Energias boosts reserves to 106M barrels in 2024

• New projects, higher stakes drive production and financial growth

• Reports $215M profit, IPO planned for 2026 amid national decline

Etu Energias, Angola's largest independent oil producer, increased its proven and probable crude reserves from 36 million to 106 million barrels between 2023 and 2024. The company has strengthened its position in a sector dominated by international companies.

According to reports from industry media on Monday, August 25, this growth reflects the company's rapid expansion of its producing asset portfolio through several key projects.

In 2024, the start of production at the offshore Begonia field (Block 17/06), operated by TotalEnergies in partnership with Etu Energias, Sonangol, and Falcon Oil, added approximately 30,000 barrels per day to national production.

In Block 2/05, a shallow water block in Zaire province, the company increased its stake from 30% to 36% in 2024 and launched a program that included three development wells, one exploratory well, and five technical interventions.

At the same time, the company expanded its onshore activities by acquiring new licenses, notably Block CON 4, awarded by the state for 25 years, and Block CON 1, where a 2D seismic campaign is being prepared.

The increase in reserves was accompanied by a significant improvement in financial results. For the 2024 fiscal year published in April, Etu Energias reported a net profit of $215.2 million, up from approximately $140.6 million in 2023.

Operating revenue also reached $674.5 million, up 59% year-on-year from about $424.5 million a year earlier.

These results contrast with the decline in Angola's national output, which is linked to aging fields. Crude production fell to 998,757 barrels per day in July 2025, its lowest level since March 2023.

Despite the national context, the company plans to continue its growth through an initial public offering announced for 2026, which is intended to boost its financing capacity.

Abdel-Latif Boureima