Afentra Advances Angola Oil Exploration as Rising Crude Prices Boost Development Plans
Afentra is advancing both offshore and onshore exploration activities in Angola as the company seeks to expand production and grow its reserves in one of Africa’s leading oil-producing nations.
According to CEO Paul McDade, higher global crude oil prices driven by tensions involving Iran and disruptions to shipping through the Strait of Hormuz are strengthening the company’s investment outlook in Angola, Sub-Saharan Africa’s second-largest oil producer.
Afentra is targeting a final investment decision (FID) between late 2026 and early 2027 for the development of up to three discoveries in offshore Block 3/24, where the company serves as operator.
McDade said the company aims to secure FID by the end of 2026 or early 2027, with first oil production expected toward the end of 2027.
Block 3/24 contains 10 oil and gas discoveries, including fields originally identified by TotalEnergies nearly two decades ago but never developed.
The block is located close to Afentra’s existing producing assets, providing potential operational synergies.
Meanwhile, Afentra expects drilling results from its Pacassa SW well in Block 3/05 by July. A second nearby well, known as Impala, is scheduled to be drilled thereafter.
McDade noted that if exploration activities confirm approximately 50 million barrels of recoverable oil, the discovery could increase Afentra’s current reserves by around 50 percent.
In addition to offshore developments, the company is also evaluating onshore opportunities in Angola’s Kwanza Basin, an area that has seen limited exploration activity since the 1980s.
Afentra said it is assessing the broader basin and plans to begin drilling exploration wells in the region by 2027 as part of its long-term growth strategy.
