Ian Cloke, COO of Afentra
Angola’s oil industry revamp
Africa’s second-largest oil producer is creating the right conditions for the sector to try to boost output, explains Ian Cloke, COO of UK-based Afentra
Independent oil producer Afentra continues to back up its words with decisive action. In mid-June, the company teamed up with France's Maurel & Prom to buy stakes in two Angolan production licences with multibillion-barrel assets from local company Etu Energias, in a move worth up to $68m. The companies already own significant stakes in blocks 3/05 and 3/05A, operated by state-owned Sonangol, but collaborated to buy Etu's 10% interest in Block 3/05 and a 13.33% holding in Block 3/05A. Under a SPA, Afentra and M&P will each secure 50% of Etu's interests: 5% in 3/05 and 6.67% in 3/05A. Afentra and M&P will each pay $23m—mostly for 3/05—plus a contingent consideration of up to $11m,
Also in this section
17 July 2025
US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
16 July 2025
Crude quality issues are an often understated risk to energy security, highlighted by problems at a key US refinery
15 July 2025
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
15 July 2025
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
