Afentra CEO Paul McDade
Expanded Afentra eyes fresh growth
The independent is keen to supply feedgas for Angola LNG and is assessing opportunities both in and beyond the southern African nation
London-listed independent Afentra is working on ways to boost oil production and utilise gas from its Angolan portfolio, while also looking at more potential acquisitions, CEO Paul McDade told Petroleum Economist. Afentra has now completed the three deals comprising its recent Angolan portfolio expansion. Following transactions with NOC Sonangol and Croatia’s INA, Afentra most recently concluded the acquisition of a 12% stake in Angola’s Block 3/05 and 16% of Block 3/05A from Azule Energy, the joint venture spun off by Italy’s Eni and BP. The UK independent’s net production stands at 6,800b/d, with 52m bl in reserves and resources. “We are generating substantial cash flow from those assets,"
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