Angola’s Etu Energias secures financing deal for Block 17/06 development

Angola’s largest privately-owned energy company, Etu Energias, has signed a structured disbursement agreement to finance its share of capital expenditure and development activities in offshore Block 17/06, home to the Begonia oil project.

The financing deal was concluded on Thursday at the African Energy Week 2025 in Cape Town, South Africa. It was signed by Etu Energias CEO, Edson Dos Santos; Mauritius Commercial Bank’s (MCB) Senior Relationship Manager – Structured Debt, Matthew Thomas; and TotalEnergies Trading SA’s Head of Structured Trade Finance, New Ventures, Vianney Faucheur de Battisti.

The Begonia project, which began production earlier this year, is Angola’s first inter-block development. Located in Block 17/06, the field has an expected output of 30,000 barrels per day. Partners in the block include Sonangol E&P, SSI, Etu Energias and Falcon Oil, with TotalEnergies as operator.

Dos Santos hailed the financing agreement as a milestone for Etu Energias, saying it would support the company’s expansion strategy in the Angolan oil and gas sector.

“This is such an important transaction for Etu Energias,” Dos Santos said.

TotalEnergies’ de Battisti said the transaction reflects the company’s commitment to long-standing partnerships in Angola. “As a long-time partner of Etu Energias, we are pleased to continue our collaboration and grow it further with this transaction,” he stated.

MCB’s Thomas also described the deal as a landmark moment for the bank, adding: “We have been active in African markets for quite some time, and we are proud to support African E&Ps in driving efficient operations and growth.”