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,