Independent oil and gas company Afentra PLC has completed the acquisition of stakes in two oil blocks offshore Angola from Croatian multinational oil company INA-Industrija, signaling the independent’s entry into the southern African country.
With the acquisition, Afentra now owns a 4% interest in Block 3/05 and 4% share in Block 3/05A, with the company inheriting crude oil reserves worth up to $16.6 million. The firm is expected to sell its first oil cargo in the third quarter of 2023.
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According to Afentra, with the Angolan energy regulator, the National Oil, Gas and Biofuels Agency, also extending the production sharing agreement for Block 3/05 from 1 July 2025 to December 2040, the milestone enables Afentra to maximize energy production for a just and inclusive energy transition in Angola.
Paul McDade, Afentra’s CEO commented that “…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.”
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Block 3/05 produced 19,000 barrels per day (bpd) in April 2023 while ongoing drilling and testing activities in Block 3/05A indicate the potential to produce 1,100 bpd from the block.
