Etu Energias, one of Angola’s largest privately owned integrated energy companies, is targeting oil production of 100,000 barrels per day within five years, nearly quadrupling output as it expands its control of oil assets in the country.

The company, formerly known as Somoil S.A., recently exercised its preemptive right to block Energean’s $260 million bid for Chevron’s interests in deep-water Blocks 14 and 14K. The transaction gives Etu Energias another major opportunity to expand its operated and non-operated portfolio.

Etu Builds Around Controlled Assets

Etu Energias secured the Chevron deal with backing from BW Energy and Chariot Energy, which will provide technical and operational support, while Shell Western Supply and Trading is providing funding.

“We have invested more than $1.5 billion in asset acquisition” over the past four to five years, CEO Edson dos Santos told Reuters on the sidelines of an energy conference in Luanda.

The Chevron transaction follows another strategic move in March, when Etu Energias preempted Maurel & Prom and BW Energy, which had agreed to acquire a stake in Block 14 from Azule Energy, the joint venture between BP and Eni.

Dos Santos said Etu wants to become an integrated energy company focused on assets it controls, rather than remaining primarily an investment partner. The company is also building a new lubricant plant. “We want to be the drivers of the car. We don’t want to be co-pilots,” he said.

London IPO Remains on the Agenda

Etu Energias is also keeping its plans for an initial public offering alive. The company had previously indicated that it was considering a London Stock Exchange listing, although the timing remains uncertain.

“We want to do an IPO, but we want to do it well, and to be successful,” Dos Santos said, suggesting a timeline of about two years. He added that Etu could pursue a London listing or another international market while maintaining its ambitions in Angola.

Founded in 2000, Etu Energias began operations in 2003 with solar energy activities and consulting services before expanding into oil and gas. It acquired interests in non-operated blocks in 2005 and 2007.

Today, Etu operates Block 2/05 and the FS and FST Associations, as well as CON 1, CON 2, CON 4, CON 6 and CON 8. It also holds interests in non-operated Blocks 3/05, 3/05A, 4/05, 14/14K, 17/06, 14/23 and 32.

The expansion underscores Etu’s broader strategy to build a larger Angolan energy company spanning oil production, operated assets and downstream businesses.