Ver Angola


Oil sector has new 'player': ANPG confirms acquisitions of Afentra in two blocks

The National Oil and Gas Agency (ANPG) confirmed the approval of the Ministry of Mineral Resources, Oil and Gas for the acquisition of two stakes in Blocks '3/05' and '3/05A' by Afentra Angola.


Participation is four percent in each of these blocks and it is expected to be concluded soon, "so that the development of the company's activity in the national market can be felt on the ground in the coming months", says a statement. sent by the concessionaire to VerAngola.

The British oil company Afentra will thus have received ministerial approval for the acquisition of INA - Industrija Nafte d.d., corresponding to a four percent stake in Block 3/05 and the same four percent in Block 3/05 A.

This is carried out within the scope of the conclusion of a purchase and sale agreement between INA and Afentra, dated July 19, 2022, and the acquisition will be completed shortly.

Paulino Jerónimo, chairman of the Board of Directors of the National Agency of Petroleum, Gas and Biofuels, underlines the importance of this acquisition and Afentra's interest in the national oil sector. "It is a company whose core business is upstream oil & gas and which has focused its interest on developing business opportunities in African countries", he explains.

"Headquartered in London, responsible energy transition is one of its biggest challenges and this acquisition demonstrates its commitment to working more and more in and with Angola. For ANPG, the entry of a new oil player is, of course, to be welcomed ", said the president of the national concessionaire.

Paul McDade, CEO of Afentra, says that the approval received from the Angolan Government is a fundamental step for the company's entry and development in the country and that he hopes to see this acquisition completed in the coming weeks.

"Both contractual positions, which are complementary, will provide us with a strong growth platform, supported by a robust cash flow and significant potential, capable of generating added value. It will also mark the beginning of our partnership with Sonangol nos Blocos' 3/05' and 3/05A", on which we intend to work closely together to optimize production and extend the useful life of these quality, long-term assets", he says.

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