Afentra, the UK-listed oil and gas company, has abandoned discussions with potential buyers and is instead accelerating its operational focus in Angola, as international oil majors intensify investment across the deepwater and offshore basins.
The company, which called off talks with suitors earlier this month, is prioritising onshore and offshore exploration in a bid to lift output in Angola, according to CEO Paul McDade. He said the decision reflects both improved market conditions and renewed confidence in the country’s upstream potential.
Rising crude prices, driven in part by geopolitical tensions linked to the Iran conflict and disruptions to shipments through the Strait of Hormuz, have strengthened the investment case. McDade said higher prices are helping underpin Afentra’s long-term strategy in Angola, sub-Saharan Africa’s second-largest oil producer.
Afentra expects to reach a final investment decision by late this year or early 2027 on the development of up to three discoveries in offshore Block 3/24, which it operates.
While Afentra pivots away from the asset sale, major international oil companies are expanding their presence in Angola’s offshore sector.
TotalEnergies is advancing a broad growth strategy combining deepwater developments, brownfield optimisation and frontier exploration as it strengthens its long-term position in the country.
A key pillar of its expansion is the $6bn Kaminho deepwater project in the Kwanza Basin, which reached its final investment decision in 2024. The development is expected to produce around 70,000 barrels per day via a lower-emissions FPSO, with first oil targeted for 2028.
Meanwhile, its Italian rival Eni has started production at the Ndungu full-field development, part of the Agogo Integrated West Hub project in Block 15/06 offshore Angola.
The project includes seven production wells and four injection wells and is expected to reach peak output of 60,000 barrels per day. Combined with the Agogo development, total production across the hub is projected to reach about 175,000 barrels per day.
The competitive reshaping of Angola’s upstream sector is also attracting new players. Earlier this year, London-listed Energean acquired two offshore assets worth $260 million from Chevron.
The assets, which produce around 42,000 barrels per day, include Chevron’s operated 31% stake in Block 14 and a 15.5% non-operated interest in Block 14k, which contains the Lianzi field. The deal is expected to close by the end of the year, subject to regulatory approvals and pre-emption rights.
