Australian exploration and production company Red Sky Energy is actively pursuing new investment opportunities in Angola following its acquisition of a 35% stake in Block 6/24 in January 2025.
CEO Andrew Knox shared with Energy Capital & Power that the acquisition marks the company’s entry into the African market and sets the stage for further portfolio expansion, focusing primarily on existing fields and those already in production.
Knox emphasized the company’s ambition to create a significant profit center in Angola through the development of Block 6/24, in collaboration with its partners Sonangol and ACREP. He also noted that Red Sky Energy is looking to add new assets to its portfolio.
“We focus on proven or developed assets, particularly those with discovered resources that we can leverage our expertise to bring to market.
Angola offers substantial oil reserves, excellent opportunities, and a supportive government,” Knox stated.
To advance the development of Block 6/24, Red Sky Energy and its partners will reprocess existing seismic data to establish a strategy for resource development.
Studies on the block’s prospectivity are also underway to provide more clarity on available volumes to be developed.
Knox further explained, “There is approximately 3,000 km² of seismic data on the license. We will look at reprocessing it and assess the best approach for field development.
We’ll evaluate our options: re-entering existing wells or pursuing sidetracks—this is the current focus of our analysis.”
Block 6/24 spans 4,930 km² in the shallow waters of the Kwanza Basin, according to Angola’s National Oil, Gas & Biofuels Agency (ANPG).
The block contains the Cegonha discovery, made in the late 1980s, which demonstrates the project’s potential, with an estimated 150 million barrels of oil.
Over the years, companies like TotalEnergies, ConocoPhillips, and Petrobras have studied and operated the block.
The development of Block 6/24 is a priority for Red Sky Energy. Knox added, “We won’t wait three years to drill the well; that’s the decision-making timeframe for drilling. We’re actively exploring ways to accelerate this process.”
The acquisition aligns with a wave of M&A activity by new entrants into Angola’s oil and gas market. Recently, companies like Oando PLC, Effimax, and Shell have entered or are considering re-entering Angola, assessing new opportunities.
Additionally, Pertamina, Namcor, and Afentra have been expanding their presence, further strengthening Angola’s position as a major energy hub in Africa.
