
British Energy Firm Afentra Expands Angolan Offshore Presence with Strategic Acquisition
UK-headquartered Afentra has successfully completed a deal to acquire additional stakes in two lucrative offshore blocks in Angola, strengthening its position in the prolific Lower Congo Basin. The AIM-listed upstream company purchased a 50% share from Etu Energias, encompassing 5% net interest in Block 3/05 and 6.67% net interest in Block 3/05A.
The acquisition, valued at $23 million in initial consideration with potential contingent payments up to $11 million, targets blocks containing eight mature producing fields originally discovered by Elf Petroleum in the early 1980s. Block 3/05 currently produces hydrocarbons from approximately 40 production wells supported by nine active water injectors, with infrastructure including 17 wellhead and support platforms and four processing platforms.
Oil from the blocks is exported via the FSO Palanca, with operations generating $14 million in profit before tax during 2024. The acquisition will be funded entirely from existing cash resources and represents a strategic step in Afentra’s portfolio expansion alongside joint venture partner Etablissements Maurel & Prom.
The deal reinforces the continuing attractiveness of Angola’s mature offshore fields, which offer high-margin, long-life production assets with established infrastructure and proven reserves.
Source: offshore-energy.biz