LUANDA, May 21 – Afentra is accelerating offshore and onshore oil exploration projects in Angola as higher global crude prices strengthen the company’s investment outlook and production strategy.
Chief executive officer Paul McDade said rising oil prices linked to disruptions in Middle East energy markets are supporting the company’s expansion plans in sub-Saharan Africa’s second-largest crude producer.
The London listed upstream oil and gas company said it aims to reach a final investment decision by late 2026 or early 2027 for the development of up to three discoveries in offshore Block 3/24, which the company operates.
The conflict involving Iran and disruptions to exports through the Strait of Hormuz have pushed global oil prices sharply higher, improving the economics of exploration and production projects globally.
The block contains 10 oil and gas discoveries, including assets originally identified by TotalEnergies more than two decades ago but never fully developed.
The discoveries are located close to Afentra’s existing producing fields, potentially lowering development costs and infrastructure requirements.
McDade said the company is targeting first oil production from the project toward the end of 2027.
Afentra is also expanding drilling activity in offshore Block 3/05, where the company expects results from the Pacassa Southwest well by July before proceeding with a second nearby well known as Impala.
According to McDade, identifying around 50 million barrels of recoverable oil would increase the company’s current booked reserves by roughly 50%.
Beyond offshore developments, Afentra is also advancing exploration activity in Angola’s onshore Kwanza Basin, where significant exploration has not occurred since the 1980s.
The company said it is assessing the broader prospectivity of the basin with plans to begin drilling exploration wells by 2027.
Afentra’s expansion strategy highlights renewed investor interest in African upstream energy projects as higher oil prices improve project economics and governments seek to attract new energy investment.
Angola remains one of Africa’s largest oil producers and continues efforts to stabilize output through new exploration licensing rounds and investment incentives after years of declining production from aging offshore fields.
