Angolan Oil & Gas Company Reports Major Oil Reserve Increase
Angolan Oil & Gas Company Reports Major Oil Reserve Increase
Etu Energias significantly increased its proven and probable crude oil reserves from 36 million to 106 million barrels between 2023 and 2024, reinforcing its status as the country’s leading independent oil producer and positioning it to compete with major international oil companies.
The growth follows the acquisition of offshore oil and gas assets from Portugal’s Galp in the previous year.
Key developments include:
🟠The 2024 start of production from the Begonia offshore field, contributing approximately 30,000 barrels per day to Angola's production;
🟠The launch of a drilling program;
🟠Onshore expansion and preparations for a 2D seismic survey.
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