Angolan integrated energy company Etu Energias has signed a structured financing agreement with Mauritius Commercial Bank (MCB) and TotalEnergies Trading SA (TOTSA) to fund capital expenditure for the Block 17/06 offshore oil project, the company announced during the Africa Energy Week 2025 conference in Cape Town.

The deal will support Etu’s 7.5% participating interest in the block, which forms part of the Begónia interblock development linking infrastructure between Blocks 17 and 17/06, the company said in an October 2 release.

The financing package combines debt facilities, transaction-banking services and hedging instruments arranged by MCB, which acted as mandated lead arranger, lender and security agent.

It comes as Etu Energias ramps up new onshore exploration and offshore development projects to lift crude output to 80,000 barrels per day (bpd) by 2030. The country’s largest private producer also plans to continue to expand its retail network and start operations at its new lubricants blending plant.

Etu Energias described the financing agreement as a “landmark moment” that strengthens its financial position as Angola’s leading privately owned energy company. CEO Edson R. dos Santos said the structure demonstrates confidence in the company’s technical capacity and the country’s investment climate.

Block 17/06 is operated by TotalEnergies E&P Angola (30%), alongside partners Sonangol E&P (30%), SSI (27.5%), Etu Energias (7.5%) and Falcon Oil (5%). The Begónia field, located about 150 km offshore, started production earlier this year and is expected to reach around 30,000 bpd at plateau.

Etu Energias said the financing aligns with its strategy to grow output through targeted participation in high-value offshore developments while maintaining financial discipline and strong environmental, social and governance standards. The company is expected to disclose the total value, maturity, and structure of the financing once final documentation is completed later this year.

In 2024, Etu Energias expanded its portfolio of operated and non-operated assets from six to fifteen, while boosting its oil reserves 2.5-fold to 106 million barrels. Onshore, the company secured two block concessions in the Congo Basin, increasing its holdings there to four blocks: CON-1, CON-2, CON-6, and CON-8.

The company now holds interests in eight exploration projects, 10 development projects and seven redevelopment projects. Looking ahead, it plans to launch an Initial Public Offering (IPO) in 2026. “Our preparations for a future stock market listing underscore our confidence in our strategy and our commitment to transparency,” dos Santos said in August, as reported by NewsBase.