Afentra’s First Operated Offshore Campaign: A Step Towards Energy Development

UK-headquartered and AIM-listed, Afentra has made significant strides in the oil and gas sector, recently completing its inaugural operated offshore campaign on Block 3/24. This effort is pivotal for the maturation of three hydrocarbon discoveries, aiming to navigate them toward a final investment decision (FID).

Campaign Overview

The recent campaign was meticulously designed to inspect the subsea wellheads of Palanca NE, Golungo-1, Quissama-1, and Quissama-2. During this operation, the team successfully gathered video footage, measurements, and well integrity data. These critical insights will inform the technical evaluation and development strategy for the Golungo-Palanca NE-Quissama (GPQ) project, which encompasses three of the ten discoveries identified in Block 3/24.

Safety and Environmental Stewardship

An impressive aspect of this campaign is that there were no observed hydrocarbon leakages or seepages throughout the operation. Moreover, the campaign was executed with zero incidents related to safety or environmental concerns. Such performance not only underscores Afentra’s commitment to responsible operations but also enhances their reputation in the industry.

Cost-Effective Operations

Afentra innovatively managed the campaign through a compact remotely operated vehicle (ROV), deployed from a locally contracted vessel. This approach enabled them to complete the operation at a cost of approximately $60,000, showcasing a significant cost-saving compared to conventional market rates, which typically range from $500,000 to $1 million for comparable campaigns. This achievement reflects the company’s strategic and efficient operational management.

Block 3/24 and Project Development

Situated offshore Angola within the Lower Congo Basin, Block 3/24 is a promising area for hydrocarbon exploration and development. The GPQ project is designed to facilitate rapid production through an infrastructure-led approach, leveraging the nearby existing facilities of Block 3/05. Afentra is actively engaged in well re-entry, inspection, and development optimization, with the target of reaching FID by Q4 2026.

Leadership Insights

In commentating on the campaign’s success, Paul McDade, Chief Executive Officer of Afentra, emphasized, “Successfully executing our first operated offshore campaign on Block 3/24 with zero incidents, and at a fraction of standard industry costs, demonstrates the disciplined, pragmatic and entrepreneurial approach we bring to operatorship.” This statement reflects a broader commitment to delivering sustainable, long-term value amidst a competitive energy landscape.

Future Prospects

With the anticipated completion of the Etu acquisition, Afentra is poised for robust growth in their Angolan portfolio. The company’s initiatives reflect a broader commitment to responsible energy development while emphasizing cost-efficiency and operational safety. As they progress toward the FID for the GPQ project, their approach could serve as a model for future offshore projects in similar environments.

Afentra’s achievements in Block 3/24 not only highlight their operational capabilities but also signal a commitment to responsible energy management and stakeholder value in the evolving global energy landscape.