London-Listed Afentra Expands Angola Oil Portfolio With Production Focus

Mintesinot Nigussie

London-listed Afentra is expanding its oil portfolio in Angola with a strong focus on production from mature fields. Higher global crude prices have improved project economics and supported investment plans.

The company is advancing development in offshore Block 3/24, where it operates 10 oil and gas discoveries. Chief executive Paul McDade said elevated prices driven by Middle East tensions have strengthened the commercial case for these projects.

Afentra aims to reach a final investment decision by late 2026 or early 2027, with first oil expected by the end of 2027. The company is also increasing activity in Block 3/05 with upcoming well results.

In addition, Afentra is preparing to enter the onshore Kwanza Basin, an area with limited exploration since the 1980s, with drilling planned for 2027.

Angola continues to seek new investment to stabilise output as production from ageing offshore fields declines. Afentra’s strategy leverages existing infrastructure to reduce costs and improve viability.

The expansion reflects growing confidence in Angola’s upstream sector amid favourable market conditions.