Etu Energias Signs Risk Service Contract for Block CON 4 in Angola

Etu Energias – Angola’s largest private oil company – signed a Risk Service Contract for Block CON 4, situated in Angola’s onshore Congo basin. The agreement was signed with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) and grants Etu Energias operatorship with a 67.5% stake.

Etu Energias’ onsortium partners include Angola’s national oil company Sonangol with 20% stake and Gesprocon with a 12.5% interest. The agreement grants the consortium a 25-year operating license for the onshore block – five years allocated for exploration and 20 years for production.

Paulino Jerónimo, Chairman of the Board of Directors at ANPG, emphasized the importance of the studies under the contract, stating they are vital for a rigorous technical assessment of the region’s hydrocarbon potential.

The contract falls under efforts to attract new investments in oil and supports Angola’s National Development Plan 2023 – 2027, which seeks to enhance the sustainability of oil and gas production to drive economic growth.

José Barroso, Secretary of State for Oil and Gas at the Ministry of Mineral Resources, Oil and Gas, said the contract will stimulate local content, job creation and skills development, with local firms Etu Energias and Sonangol involved in the project.

Block CON 4’s proximity to other concessions operated by Etu Energias offers opportunities for infrastructure sharing and accelerated exploration.