Australian junior exploration company Red Sky Energy has acquired a 35% stake in Block 6/24, a shallow-water exploration block in Angola’s promising Kwanza Basin.
The block, located offshore Luanda, will be operated by Sonangol, Angola’s state-owned oil company, which holds a 50% interest, while Acrep, a Luanda-based entity, retains a 15% share.
This development highlights Angola’s recent strides in revitalizing its oil and gas sector, driven by fiscal and legislative reforms and improved transparency in bid processes. The move has attracted international investment and boosted the country’s upstream potential.
Red Sky’s entry into Angola underscores its growing ambitions in frontier exploration and signals the rising appeal of Angola’s offshore assets for global energy players.
Key Takeaways:
• Red Sky Energy: 35% stake in Block 6/24.
• Sonangol: 50% operator.
• Acrep: 15% interest holder.
• Location: Offshore Luanda, Kwanza Basin.
• Angola’s Strategy: Focused on legislative reforms and transparent licensing rounds to attract international oil companies.
This marks another milestone for the Australian junior, as it explores opportunities in one of Africa’s emerging oil frontiers.
