Afentra is in talks to increase its stake in two offshore blocks in Angola, 3/05 and 3/05A, by acquiring interests from Etu Energias. There is no guarantee that the deal will happen, pending regulatory approvals. The company is working with operator Sonangol on a redevelopment plan and reports significant oil reserves in these blocks, while also highlighting the investment opportunities in Angola’s oil sector for future exploration and development.
Afentra, a UK-based upstream oil and gas company, has confirmed it is in discussions to increase its stake in two offshore blocks in Angola, namely 3/05 and 3/05A. This move comes alongside one of its joint venture partners as they seek to buy the stakes held by another partner, Etu Energias. The company emphasized that there is no guarantee that the transaction will proceed as it is contingent upon several customary closing conditions, including regulatory approvals.
While discussions are ongoing, Afentra is actively collaborating with the operator Sonangol and other partners on a redevelopment plan for Blocks 3/05 and 3/05A. This effort aims to enhance production and reserves in a sector where Afentra entered in May 2023. The company is optimistic about the progress and values the partnerships formed to maximize asset potential.
As of December 2024, Afentra reported that Block 3/05 has net 2P working interest reserves totaling 34.2 million barrels of oil. The reserve replacement ratio of 140% over the past 18 months has led to an increase in contingent resources, resulting in net working interest 2C resources of 13.8 million barrels. For Block 3/05A, net 2C resources are estimated at 7.1 million barrels. This block houses eight producing fields first discovered in the early 1980s and currently has infrastructure supporting oil production through 40 production wells.
The National Agency for Oil, Gas, and Biofuels (ANPG) indicates there are 30 investment opportunities in Angola’s oil sector, including offers for 11 blocks along with opportunities for both onshore and marginal fields. These prospects aim to attract investors for the upcoming 2025 bidding round.
Afentra is strategically enhancing its presence in Angola by potentially acquiring stakes in offshore blocks, which it deems pivotal for boosting production and reserves. The partnership with Sonangol and the redevelopment of current assets exemplify Afentra’s commitment to maximizing value in the Angolan oil sector, which presents ample opportunities for investment moving forward. The company’s significant reserves in Blocks 3/05 and 3/05A further underscore the potential profitability of this endeavor.
Original Source: www.offshore-energy.biz
