Afentra is moving forward with both onshore and offshore exploration activities aimed at increasing oil production in Angola.
Higher crude oil prices driven by conflict involving Iran and disruptions to shipments through the Strait of Hormuz are supporting Afentra’s plans in Angola, which is Sub-Saharan Africa’s second-largest oil producer, according to CEO Paul McDade.
The company expects to reach a final investment decision between late this year and early 2027 for developing up to three discoveries in offshore Block 3/24, which it operates.
He said the goal is to achieve FID by the end of 2026 or early 2027, with first oil expected toward the end of 2027.
The block contains 10 oil and gas discoveries, including fields found by TotalEnergies about 20 years ago that were never developed, and it is located near Afentra’s producing assets.
Afentra is expecting results from its Pacassa SW well in Block 3/05 by July, after which a second well will be drilled nearby at Impala.
McDade said that if around 50 million barrels of recoverable oil are identified, it could represent about a 50 percent increase in the company’s current reserves.
He also highlighted the company’s onshore opportunities in the Kwanza Basin, where exploration has not taken place since the 1980s.
He added that the company is assessing the wider basin, with plans to begin drilling exploration wells there by 2027.
source: www.reuters.com
African Energy Council