Finance Focus: Anastasia Deulina of Afentra Discussed

Angola, a country steeped in tradition and a significant player in the oil and gas sector, is the current base for Afentra, a UK-listed company with a focus on revitalizing mature oil fields. Founded in 2021, Afentra has its roots firmly planted in Angola, with existing assets in the country, and ambitions to seek additional opportunities across West Africa.

At the helm of Afentra is Anastasia Deulina, who has served as the CFO since the company's inception. With a background that blends economics, engineering, and business, Deulina brings a unique perspective to the table, shaped by her experiences living in countries outside of the usual oil and gas hubs like London, Houston, or New York.

Deulina sees the main risks emerging over the next couple of years in the oil and gas industry as being related to managing price risk and maintaining capital discipline. In the sector, managing price risk associated with selling oil is crucial, and Afentra has been persistent and consistent in its approach to hedging. Capital discipline is critical, and Afentra applies its hedging strategy with rigor to ensure financial stability.

The global landscape is heavily influenced by decisions coming out of the US, particularly under the Trump administration. However, Africa, specifically, is a logical focus due to the ongoing need for oil and gas worldwide. Important political and economic actors in West Africa relevant for Afentra include the Economic Community of West African States (ECOWAS), national governments (e.g., Ghana, Nigeria), and major regional trade partnerships like the Economic Partnership Agreement between Ghana and the EU. Additionally, international organizations such as the African Union and COMESA play key roles in political stability and economic cooperation, while the EU’s Global Gateway initiative actively invests billions in infrastructure projects across West Africa.

The oil and gas industry continues to experience volatility, a constant uncertainty that Deulina is no stranger to. As CFO, she was responsible for functions such as fundraising, audit processes, and other key functions that don't traditionally fall under a business-development role. The biggest challenge faced by Deulina as CFO was the uncertainty of raising financing and acquiring assets during the startup phase.

Despite the challenges, Afentra's mission is deeply focused on serving the people and government of Angola, where their business is rooted. Africa needs a robust and sustainable oil and gas industry to support its population and economic development. The company's history dates back to 1998-99, when oil prices dropped to $10 a barrel, causing consolidation and shrinking of the industry.

Afentra's founders, Anastasia Deulina, Paul McDade, and Ian Cloke, all came from Tullow Oil before founding Afentra. They bring a wealth of experience and knowledge to the table, aiming to revitalize mature oil fields and contribute to the sustainable growth of the oil and gas industry in Africa.

As the industry navigates through uncertain times, Afentra remains steadfast in its mission, seeking opportunities to expand its operations across West Africa while maintaining a focus on managing price risk and maintaining capital discipline.