Independent oil and gas company Afentra PLC has successfully concluded its acquisition of ownership stakes in two offshore oil blocks in Angola from INA-Industrija, a Croatian multinational oil company. This development marks Afentra’s entry into the southern African nation.
Following the acquisition, Afentra now possesses a 4% interest in Block 3/05 and a 4% share in Block 3/05A. This move grants the company access to crude oil reserves valued at up to $16.6 million. It is projected that Afentra will commence the sale of its first oil cargo in the third quarter of 2023.
Furthermore, the National Oil, Gas, and Biofuels Agency, Angola’s energy regulator, has extended the production sharing agreement for Block 3/05 from July 1, 2025, to December 2040. This extension will enable Afentra to optimize energy production and facilitate a just and inclusive energy transition in Angola.
Afentra’s CEO, Paul McDade, expressed his satisfaction with the partnership between Afentra and Sonangol in Blocks 3/05 and 3/05A, stating, “…we are pleased to mark the inception of our partnership with Sonangol in Blocks 3/05 and 3/05A. It is also highly encouraging that the terms for the Block 3/05 license extension award have been agreed; this represents a major step towards completion of the Sonangol transaction within our previously guided timeline. We now look forward to working with the partnership to enhance production and reserves to a level that reflects the potential of this very material asset.”
In April 2023, Block 3/05 yielded a daily production rate of 19,000 barrels, while ongoing drilling and testing activities in Block 3/05A indicate the potential for the block to produce 1,100 barrels per day.
