The oil and gas company listed in the United Kingdom, AFENTRA – which for African energy transition – is to revitalize mature oil fields by emphasizing efficiency. With existing assets in Angola, the company is looking for additional opportunities across West Africa. The financial director Anastasia Deulina has been the group’s finance leader since its creation in 2021.
World Finance: What are the main challenges you have met as a financial director?
Anastasia Dulina: The biggest challenge was the fact that we are a startup. The three of us have my mysthel, Paul McDade [CEO]and Ian Cloke [COO]- Everything came from a much larger business, Tullow Oil. We left Tullow and founded Afentra in 2021.
On a personal level, my trip as a financial director was also unique. I am not a traditional financial director: I did not go up by accounting ranks or companies like PwC or Deloitte. My experience is more technical, with a mixture of economy, engineering and business. Entering the role of financial director meant to adopt responsibilities for which I had not specifically trained throughout my career.
The management of the full CFO meant that I was suddenly responsible for the collection of funds, audit processes and other key functions which do not traditionally fall under a role of commercial development. I would say that the challenge was double: first, to meet in a team to build something new and lead others by uncertainty; And secondly, the transition personally towards a role that pushed me far beyond my previous experience.
GF: What specific CFO skills need the petroleum and gas industry?
Dulina: The oil and gas sector is somewhat unique in what it does not mainly care to sell the product in a traditional direction, and we have no control over its prices. What we can do and what some companies manage better than others is to mitigate the price of price associated with the sale of oil. At Afentra, we were both persistent and consistent in our approach to coverage. As a relatively small business, it is particularly important for us to carefully manage the risks; We want to ensure financial stability, pay our bills on time and, finally, sleep well at night. The discipline of capital is essential, which is why we apply our coverage strategy with such rigor.
GF: There is a general opinion that global risk has increased considerably. Where do you see the main risks emerging in the next two years?
Dulina: If I really knew it, I would probably do something else to live. What I can say is the following: I have been in the oil and gas industry for 28 years, and there has never been time when you could predict the future with certainty.
When I wrote my thesis in 1998-1999, the whole petroleum industry seemed on the verge of collapse. Oil prices fell at $ 10 per barrel. Everyone was consolidated; Companies warmed up, Houston became the center and the industry narrowed. It was like the end of the world.
Today, the challenges are different. Oil no longer costs $ 11 a barrel, but volatility remains. This industry has always been roller coaster, with different dynamics, different actors and different geopolitical forces that lead to change. Currently, the world landscape is strongly influenced by decisions from the United States. With the Trump administration, some decisions that surprised the market – although it may not be entirely – such as commercial negotiations and policy changes, continue to evolve.
GF: What makes Africa a logical objective at such a moment?
Dulina: The truth is that no one knows exactly what will happen. But what we know is that the world will continue to need oil and gas, and that will not change anytime soon. Africa, in particular, needs a robust and sustainable oil and gas industry to support its population and its economic development.
If you live in London, Houston or New York, your point of view is very different from someone on the ground in Brazzaville, Nigeria or Uganda. Travel in these places and you will see the world through a very different lens.
Angola is a proud country with deep traditions in oil and gas. This industry will continue, regardless of what is happening between Russia and Ukraine, or the United States and Canada. For us at Afentra, our mission goes beyond the creation of value for shareholders or to support our employees. We focus deeply on the service of our main stakeholders: the people and the government of Angola. This is where our company is rooted.