{"id":10290,"date":"2021-05-05T17:04:54","date_gmt":"2021-05-05T17:04:54","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10290"},"modified":"2021-05-05T17:04:54","modified_gmt":"2021-05-05T17:04:54","slug":"afentra-offers-new-opportunities-for-the-energy-transition-in-africa","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/afentra-offers-new-opportunities-for-the-energy-transition-in-africa\/","title":{"rendered":"Afentra Offers New Opportunities for the Energy Transition in Africa"},"content":{"rendered":"

Afentra plc, the upstream operator focused on opportunities in Africa, has been launched with a clear mandate to look at opportunities to invest in the energy transition in Africa. Spearheaded by CEO Paul McDade, the foundations have been laid with the development of a comprehensive corporate strategy and appointment of team members including a new CFO that can deliver against this new vision. <\/span><\/p>\n

The name Afentra, which stands for African Energy Transition, reflects the Company’s\u00a0<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0strategic imperative<\/span>\u00a0of capitalising\u00a0on opportunities resulting from\u00a0the accelerating energy transition on the African continent. Afentra has been established to support sustainable change in the African energy industry, in a sector that needs further responsible, well managed, independent operators.<\/span>\u00a0<\/span><\/p>\n

The global energy transition is being driven by political, corporate and civil society in pursuit of the goals set by the international community to decarbonise. The energy industry is seeing Oil and Gas majors recalibrate their strategies and business models to a lower carbon energy portfolio. A significant divestment cycle of legacy assets is expected in Africa similar to<\/span>\u00a0<\/span>the industry transition that occurred in both the Gulf of Mexico and the North Sea generating a compelling market dynamic for agile and innovative consolidators.<\/span>\u00a0<\/span><\/p>\n

As the global energy transition progresses, hydrocarbons will continue to\u00a0play a critical role in future energy and economic systems.\u00a0 Responsible supplies of oil and gas will be a necessary part of a transition to a lower carbon world.\u00a0 Natural resources are central to the economic and social development of the continent and will require continued access to capital. To access capital markets, Afentra will need to address stakeholders’ ESG focus as a central part of its business risk and opportunity management.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

Afentra has embedded ESG into its operating model\u00a0with the imperative to reduce energy-related emissions, whilst\u00a0also protecting\u00a0the positive socio-economic impact of oil and gas revenues.\u00a0<\/span>\u00a0<\/span><\/p>\n

Strategy Update<\/span>\u00a0<\/span><\/strong><\/p>\n

Afentra’s growth strategy is to achieve scale through implementation of a buy and build model – positioning itself as a trusted partner of divesting IOCs and host governments to build a portfolio of assets that progress the growth strategy.\u00a0 The Company is specifically targeting\u00a0producing assets and discovered resources in Africa where the team has existing knowledge, experience and network.\u00a0 The Company\u00a0is\u00a0focusing on\u00a0operated positions but will also consider non-operated positions alongside credible operators with shared standards.\u00a0 Target assets must be value accretive, adding potential for robust cash flow and proven reserves.\u00a0\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Once acquired, the Company intends to leverage its deep operating capabilities to increase efficiencies, enhance production, reduce operating costs and improve environmental performance.\u00a0Afentra’s overall aim is to support the energy transition in Africa by responsibly realising the full potential of assets for the benefit of all stakeholders.\u00a0<\/span><\/p>\n

Afentra has assembled a strong team with an established network with IOCs and Host Governments, a proven track record for business delivery and high operating standards.\u00a0\u00a0The team is actively screening a\u00a0pipeline of opportunities, consistent with the strategy and\u00a0aims to announce\u00a0a transaction within the next 12 months.\u00a0<\/span><\/p>\n

CFO Appointment<\/span>\u00a0<\/span><\/p>\n

The Company also announces the appointment of Anastasia Deulina as Chief Financial Officer and to the Board of Directors of the Company.\u00a0 Anastasia joins from Tullow Oil where she was Group Head of Strategy, Planning and M&A.\u00a0 She brings over 20 years’ experience working in the energy sector within global investment banks, private equity and corporates, and adds extensive expertise in strategy development, M&A, deal origination, structuring and execution, and business transformation and growth.<\/span>\u00a0<\/span><\/p>\n

Anastasia’s appointment completes the assembly of an experienced executive management team with diverse and complementary skillsets capable of delivering Afentra’s growth strategy.\u00a0<\/span><\/p>\n

\u00a0<\/span>Commenting on the launch of Afentra, CEO Paul McDade said:<\/span>\u00a0<\/span><\/p>\n

“We have formed Afentra to capitalise on a compelling market dynamic and see a clear role for our Company to support a responsible and sustainable energy transition in Africa that serves the purposes of all stakeholders.\u00a0 We have embedded an ESG agenda into the core fabric of the business and see those objectives as absolutely central to our growth strategy.\u00a0 The\u00a0impact\u00a0of\u00a0a poorly managed\u00a0energy transition on the socio-economic wellbeing of many countries on the continent is not\u00a0currently\u00a0part of the global climate change narrative. Through our approach and operating model, we hope to highlight the importance of credible operators like Afentra in ensuring a smooth transition that continues to support the socio-economic development of host countries.<\/span>\u00a0<\/span><\/p>\n

We have ambitious growth plans and look forward to engaging with the various counterparties on the target opportunities.\u00a0\u00a0Afentra has a strong balance sheet, supportive shareholder base, experienced and motivated leadership team, and a strategy that is tailored to the present and future outlook for this industry.\u00a0 We believe that the value accretive buy and build model coupled with our unwavering commitment to ESG fits with the progressive agenda\u00a0that investors\u00a0increasingly expect\u00a0in terms of ensuring solid shareholder returns alongside a positive broader\u00a0stakeholder\u00a0impact.\u00a0 We look forward to updating the market on our progress.”<\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Afentra plc, the upstream operator focused on opportunities in Africa, has been launched with a clear mandate to look at opportunities to invest in the energy transition in Africa. Spearheaded … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,4746,11],"tags":[9279,5018,2571],"class_list":["post-10290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-renewables-2","category-top-news","tag-afentra","tag-paul-mcdade","tag-tullow-oil","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/Paul-McDade-2.jpg?fit=699%2C466&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2FY","jetpack-related-posts":[{"id":11798,"url":"https:\/\/www.oilnewskenya.com\/index.php\/angola-afentra-confirms-negotiations-with-sonangol-to-purchase-interests-in-block-3-05-block-23\/","url_meta":{"origin":10290,"position":0},"title":"ANGOLA: Afentra confirms Negotiations with Sonangol to Purchase Interests in Block 3\/05 & Block 23","author":"","date":"February 8, 2022","format":false,"excerpt":"Afentra has confirmed that negotiations with Sonangol E.P to purchase interests in Block 3\/05 and Block 23 in Angola have continued into the new year following the announcement on 8 October 2021 that the Company had submitted a non-binding Expression of Interest for the two blocks and the subsequent suspension\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/Angola_Map_Detail.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/Angola_Map_Detail.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/Angola_Map_Detail.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/Angola_Map_Detail.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/Angola_Map_Detail.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12470,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afentra-acquires-additional-interests-in-offshore-block-3-05-3-05a\/","url_meta":{"origin":10290,"position":1},"title":"ANGOLA: Afentra Acquires Additional Interests in Offshore Block 3\/05 & 3\/05A","author":"","date":"July 20, 2022","format":false,"excerpt":"Afentra plc has signed a Sale and Purchase Agreement (SPA) with INA - Industrija Nafte, d.d. to acquire a 4% interest in Block 3\/05 and a 5.33% interest1 in Block 3\/05A, offshore Angola. This transaction builds upon the acquisition of a 20% interest in Block 3\/05 from Sonangol announced in\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/07\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/07\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/07\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":15513,"url":"https:\/\/www.oilnewskenya.com\/index.php\/angola-afentra-reports-400-increase-in-2c-resources\/","url_meta":{"origin":10290,"position":2},"title":"ANGOLA: Afentra Reports 400% Increase in 2C Resources","author":"","date":"January 14, 2026","format":false,"excerpt":"Afentra has announced the completion of an independent audit by Sproule ERCE of its contingent resource base across Blocks 3\/05 and 3\/05A discoveries and the completion of the Company's initial assessment of contingent resources within Block 3\/24.\u00a0The Company's annual reserves assessment is currently underway and will be released upon completion\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12966,"url":"https:\/\/www.oilnewskenya.com\/index.php\/angola-afentra-expects-entry-into-angola-in-early-2023\/","url_meta":{"origin":10290,"position":3},"title":"ANGOLA: Afentra Expects Entry into Angola in Early 2023","author":"","date":"December 14, 2022","format":false,"excerpt":"Afentra says it remains in discussion with all relevant parties and is continuing to make good progress on the transaction to purchase non-operating interests in Block 3\/05 (20%) and Block 23 (40%), offshore Angola.\u00a0 An important CP for the transaction is the PSA extension process; ANPG and the Block 3\/05\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/12\/Angola-Block-3-05.png?fit=596%2C584&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":15281,"url":"https:\/\/www.oilnewskenya.com\/index.php\/angola-afentra-receives-approval-of-block-3-24-license\/","url_meta":{"origin":10290,"position":4},"title":"ANGOLA: Afentra Receives Approval of Block 3\/24 License","author":"","date":"October 15, 2025","format":false,"excerpt":"Afentra announces that\u00a0the Risk Service Contract (RSC) for offshore Block 3\/24 has been formally approved by Presidential Decree. 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