Afentra Maintains Angola Growth Strategy After Sale Talks End
Afentra is continuing its oil exploration activities in Angola after ending discussions with potential buyers earlier this month, according to CEO Paul McDade.
McDade said the company’s outlook is being supported by stronger oil prices, driven in part by geopolitical tensions involving Iran and disruptions affecting shipping routes through the Strait of Hormuz.
He noted that these market conditions reinforce Afentra’s development plans in Angola, one of sub-Saharan Africa’s largest crude oil producers.
The company is targeting a final investment decision by late 2026 or early 2027 for the development of up to three discoveries in offshore Block 3/24, where Afentra serves as operator.
First oil production is expected by the end of 2027, subject to project approval and development timelines.
Offshore Block Holds Multiple Untapped Discoveries
Block 3/24 contains around 10 oil and gas discoveries, including fields originally identified by TotalEnergies more than two decades ago that were never brought into production.
The block is located near Afentra’s existing producing assets, offering potential operational synergies.
McDade said the company is also preparing results from the Pacassa SW exploration well in Block 3/05, expected by July, and plans to drill an additional nearby prospect known as Impala.
He added that a successful discovery of around 50 million barrels of recoverable oil could increase Afentra’s current reserves by approximately 50%.
Onshore Expansion Potential in the Kwanza Basin
Beyond offshore assets, Afentra is also evaluating exploration opportunities in Angola’s onshore Kwanza Basin, where drilling activity last occurred in the 1980s.
The company is assessing the basin’s broader geological potential and aims to begin exploratory drilling there by 2027, subject to regulatory and operational planning.
Overall, Afentra said its Angola strategy focuses on advancing known discoveries, expanding exploration activity, and building long-term production capacity across both offshore and onshore assets.
