Paul McDade, CEO of London-listed independent Afentra
Afentra enters Angolan upstream
The UK independent has acquired stakes in two blocks from Sonangol
“We think of Angola’s upstream as similar to the North Sea around 15 years ago,” Paul McDade, CEO of London-listed independent Afentra, tells Petroleum Economist. McDade was speaking shortly after the company announced the signing of an SPA with Angolan state-owned Sonangol to purchase stakes in blocks 3/05 and 23. The company purchased its 20pc non-operating stake in block 3/05—which produces c.17,000bl/d and will continue to be operated by Sonangol—for an initial consideration of $80mn and a contingent payment of up to $50mn. Afentra’s net share of 2P reserves is around 20mn bl, while the asset’s breakeven price is $35/bl. The block is a “cash-generative asset”, emphasises McDade. Afentra’
Also in this section
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
