UK-based oil and gas player Afentra has responded to growing media speculation by confirming its involvement in discussions to increase its stake in two offshore Angolan oil blocks. Alongside a joint venture partner, Afentra is exploring the acquisition of Etu Energias’ 10% and 13.5% stakes in Blocks 3/05 and 3/05A, respectively.
The company emphasized that the deal is still uncertain, as it hinges on regulatory approvals and other closing conditions. Should the transaction proceed, Afentra plans to fund the acquisition using existing cash reserves. Meanwhile, the firm continues to collaborate with Sonangol and other partners on a redevelopment strategy to maximize production and reserves from these mature assets.
Afentra’s strategic positioning in Angola has been solidified since its entry into the market in 2023. The company reports total net 2P working interest reserves of 34.2 million barrels of oil, with net working interest 2C resources for Block 3/05A at 7.1 million barrels. These offshore assets, originally discovered by Elf Petroleum in the early 1980s, continue to play a crucial role in Angola’s energy sector.
As the National Agency for Oil, Gas, and Biofuels (ANPG) showcases Angola’s 30 investment opportunities in the oil industry, Afentra’s move signals strong investor confidence in the region’s hydrocarbon potential.
Source: Offshore Energy
