He will lead discussions on African exploration and asset acquisition, driving critical conversations around Afentra’s agenda in the Angolan energy market.
“At the time of Afentra’s launch in 2021, Angola was identified as a core target market for the Company based on a nascent industry transition that would present opportunities for an ambitious and responsible player like Afentra. Our inaugural transactions in country have seen the Company build a material position in the quality 3/05 and 3/05a Blocks, providing Afentra with a strong growth platform from which to deliver future growth in both Angola and into other core target markets. The assets provide considerable scope for organic growth as well as the opportunity to enhance the environmental performance of the producing fields – both of which are important tenets of Afentra’s strategy – and we look forward to working with our partners and wider stakeholders in delivering these objectives,” McDade notes.
As an independent explorer, Afentra is committed to deploying state-of-the-art technology and implementing carbon reduction measures, ushering in a new era of sustainable oil and gas development in Africa. This positions the company as a viable option for African governments seeking a capable partner to provide guidance and support in adopting low-carbon and sustainable production techniques.
In 2022, Afentra signed a significant sale and purchase agreement (SPA) with Sonangol, Angola’s national oil company. This agreement allowed Afentra to secure stakes in two offshore blocks situated in the Lower Congo and Kwanza basins, representing a deal valued at $80 million. This strategic move marked Afentra’s entry into Angola.
Additionally, in July 2023, Afentra inked a SPA deal with oil and gas company Azule Energy for Block 3/05 and Block 3/05A. The agreement brings Afentra’s stake in Block 3/05 and Block 3/05A to 30% and 21.33%, respectively.
The company’s strategy in Angola involves optimizing and extending the lifespan of mid-life producing assets, prioritizing safety, emissions reduction and responsible operations. This portfolio and approach make Afentra highly relevant to the discussions at AOG, as they align with the conference’s focus on sustainable development and environmental stewardship.
“Afentra’s operations in the Angolan market are a significant milestone, and their expertise and commitment to sustainable production make them a valuable partner for African governments. Having McDade and Afentra as part of the AOG 2023 conference is significant as their insights will contribute to shaping dialogue around Angola’s exploration landscape,” states Devi Paulsen-Abbott, Energy Capital and Power CEO.
During AOG 2023, McDade will delve deeper into discussions on the pivotal role of ramping up exploration and production in Angola within the global energy transition, contributing to the energy future of both Angola and Africa. The insights shared by McDade will be valuable for project developers, financiers and service companies along the entire oil and gas value chain.
“At the time of Afentra’s launch in 2021, Angola was identified as a core target market for the Company based on a nascent industry transition that would present opportunities for an ambitious and responsible player like Afentra. Our inaugural transactions in country have seen the Company build a material position in the quality 3/05 and 3/05a Blocks, providing Afentra with a strong growth platform from which to deliver future growth in both Angola and into other core target markets. The assets provide considerable scope for organic growth as well as the opportunity to enhance the environmental performance of the producing fields – both of which are important tenets of Afentra’s strategy – and we look forward to working with our partners and wider stakeholders in delivering these objectives.
“We’re delighted to be presenting at this conference as we continue to raise the profile of Afentra within our relevant audiences and look forward to providing our unique insights into the important role that Afentra can play in delivering a responsible energy transition in Angola. We look forward to participating in an energetic and insightful conference that will help inform delegates about the evolving future of Angola’s energy industry,” he adds.
AOG 2023 returns to Luanda for its fourth edition from September 13-14 under the auspices of the Ministry of Mineral Resources, Oil and Gas and in partnership with the National Oil, Gas and Biofuels Agency, AIDAC and the African Energy Chamber. Visit www.angolaoilandgas.com for more information about this highly-anticipated event.
