Independent oil company Afentra expects to reach a Final Investment Decision in late 2026 or early 2027 on up to three offshore oil discoveries at Angola’s Block 3/24, with first oil targeted by the end of 2027 — a timeline that would mark the company’s transition from an acquisitive growth phase into active production operator across one of Angola’s most prospective but previously undeveloped offshore licence areas.
Block 3/24 contains 10 oil and gas discoveries, including fields originally identified but never developed by TotalEnergies two decades ago. The block is estimated to hold more than 130 million barrels of initial oil in place and approximately 37 million barrels of 2C recoverable resources. It sits adjacent to Afentra’s producing Block 3/05, where the company is currently drilling the Pacassa SW exploration well — with results expected in July 2026, to be followed by a second well at Impala. A successful outcome from these two wells could add approximately 50 million barrels of recoverable oil, equivalent to a 50 per cent increase in Afentra’s current reserves base, materially enhancing the investment case for accelerated development across the Angolan portfolio.
Beyond its offshore operations, Afentra is also advancing early-stage evaluation of onshore exploration potential across Angola’s Kwanza Basin — an area where exploration activity has been largely dormant since the 1980s. The company aims to begin drilling exploration wells in the basin by 2027. Afentra called off discussions in May 2026 with potential investors over the possible sale of the company, initially announced in March 2026, opting instead to continue pursuing its growth strategy independently as the management team expressed confidence in the organic development path across its Angola portfolio. The company also holds stakes in a redevelopment programme at Blocks 3/05 and 3/05A alongside operator Sonangol, Maurel and Prom, Etu Energias, and NIS Naftgas.
Source: prospect-intel.com