Independent oil and gas company Afentra PLC has completed the acquisition of stakes in 2 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 percent interest in Block 3/05 and 4 percent 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 1st oil cargo in the 3rd quarter of 2023.
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.”
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.