Afentra targets Angola exploration wells by 2027, eyes Africa oil growth

Afentra plc is stepping up its expansion plans in Angola as higher crude prices and renewed interest in African energy assets improve the outlook for exploration across the region. 

The company, which recently ended takeover talks with potential buyers, is turning its attention to both offshore discoveries and onshore drilling prospects in Angola, sub-Saharan Africa’s second-largest oil producer.

The move comes as energy companies revisit African projects amid supply concerns linked to tensions in the Middle East and uncertainty around shipments through the Strait of Hormuz. 

Afentra believes Angola still offers significant untapped potential, particularly in mature fields that were discovered years ago but never fully developed.

The company has been building its position in the country as international investors look for stable oil-producing regions outside the Middle East. 

Chief Executive Paul McDade said the company plans to reach a final investment decision by late 2026 or early 2027 for up to three discoveries in offshore Block 3/24, which Afentra operates.

Offshore discoveries move closer to production 

The offshore block includes 10 oil and gas discoveries, several of which were originally identified by TotalEnergies more than 20 years ago but were never brought into production. 

McDade says the company is targeting first oil from the project by the end of 2027. The fields are located near Afentra’s existing producing assets, which could help lower development costs and speed up production timelines. 

Afentra is also waiting for drilling results from the Pacassa SW well in Block 3/05, with findings expected in July. A second nearby well, known as Impala, is expected to follow shortly afterward. 

According to McDade, discovering about 50 million barrels of recoverable oil would increase Afentra’s current reserves by roughly half, strengthening the company’s long-term production base in Angola.

Fresh focus on Angola’s Kwanza Basin 

Beyond offshore drilling, Afentra is reviving exploration efforts in Angola’s Kwanza Basin, an area that has seen limited activity since the 1980s. 

The company said it is reviewing the basin’s broader oil potential with the goal of drilling exploration wells by 2027.

The renewed focus highlights growing confidence in Angola’s energy sector as the government seeks fresh investment to help maintain crude output and attract new international operators.