Afentra targets new Angola exploration wells by 2027
Oil and gas firm Afentra is accelerating onshore and offshore operations in Angola following the end of talks with potential suitors. CEO Paul McDade expects a final investment decision for Block 3/24 by early 2027 with first oil production targeted for the end of that year.
Afentra PLC will launch exploration drilling in Angola by 2027 to expand its production footprint in sub-Saharan Africa's second-largest crude producer. The London-listed explorer is pivoting to organic growth after ending talks with potential suitors earlier in May. Successful drilling could increase Afentra's current book reserves by 50%.
Higher Brent Crude Oil prices are underpinning the expansion strategy. CEO Paul McDade said the price environment is supported by the conflict in Iran and disrupted exports through the Strait of Hormuz.
