Afentra plans to drill exploration wells in Angola before 2027
Afentra's CEO announced on Thursday that the company is pursuing onshore and offshore exploration to increase production in Angola.
Afentra CEO Paul McDade stated that the high crude oil prices caused by the Iran War and the disruption of crude exports through the Strait of Hormuz have helped to underpin Afentra’s strategy in Angola. Angola is sub-Saharan Africa’s second largest crude producer.
He stated that 'it is expecting to make a final decision on investment by the end of this year or early 2027, for up to three discoveries made in Block 3/24 offshore which it operates.
Our timeline is to get FID before the end of 2026 or early 2027. "Our goal would be to have first oil by the end of 2027," he said.
The area is near the oilfields of?Afentra and contains ten oil and gas finds, including discoveries made by TotalEnergies 20 years ago but never developed.
Afentra anticipates receiving the results from its Pacassa-SW well, which is currently being drilled on?Block 3/05/ by July. A second well will then be drilled at Impala, a short distance away.
He said that if we could identify 50 million barrels of recoverable oil it would be like a 50% boost to the current book reserves.
McDade praised Afentra’s onshore prospects, particularly in the Kwanza Basin where exploration was last conducted in the 1980s.
"We are looking at the prospectivity of the entire basin...our target is to drill exploration wells in 2027." (Reporting and editing by Nilutpal Timsina, Jason Neely and Wendell Roelf)
(source: Reuters)
