Afentra has signed a framework agreement for its first operating license offshore Angola, gaining rights in a block with proven resources.
Block 3/24 hosts five shallow-water oil and gas discoveries and several exploration prospects, located near Afentra’s producing fields and undeveloped finds in Blocks 3/05 and 3/05A.
CEO Paul McDade said the company will evaluate the most efficient development options for the discoveries by leveraging the existing Block 3/05 infrastructure.
Afentra said that Block 3/05 produced about 21,400 barrels per day, with the potential to rise to 30,000 and even 40,000 barrels per day as water injection ramps up to enhance recovery.
Afentra signed the agreement with Angola’s National Oil, Gas and Biofuels Agency (ANPG) during an energy conference in Luanda. The terms cover an initial five-year period to review the development potential of existing discoveries and exploration opportunities.
The government is expected to formally award the license for Block 3/24 in the coming months, with Afentra as operator holding a 40% interest, alongside Maurel & Prom Angola S.A.S. with another 40%, and Angola’s state-owned Sonangol E&P holding the remaining 20%.
McDade added that Afentra aims to build on its collaborative relationship with Sonangol in Block 3/05 to maximize the potential of this multi-billion-barrel area.
source:www.reuters.com
African Energy Council