Oando Plc, a prominent Nigerian energy solutions provider listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, has announced that its upstream subsidiary, Oando Energy Resources, has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.
According to a statement from the company’s Secretary, Mrs. Ayotola Jagun, this award follows a competitive bidding process conducted by the Angolan National Agency for Petroleum, Gas, and Biofuels.
Jagun highlighted that Block KON 13 is situated in the highly productive Kwanza Onshore Basin, which boasts substantial exploration potential in both pre-salt and post-salt formations, with estimated prospective resources ranging from 770 to 1,100 million barrels of oil.
She further noted that the block has two previously drilled exploration wells reaching a target depth of 3,000 meters, where oil and gas were observed at various depths.
With a 45% participating interest, Oando Energy Resources will lead the development of the block as the operator, alongside Effimax (30%) and Sonangol (15%) as co-venturers.
Wale Tinubu, Group Chief Executive of Oando Plc, expressed his excitement regarding the successful bid and award of Block KON 13 in Angola. He emphasized that this development reaffirms Oando’s unwavering commitment to expanding its presence across Africa and contributing to the continent’s energy sufficiency goals.
Tinubu stated, “I am confident in our ability to leverage our expertise to develop and maximize the value of this asset. We look forward to collaborating with our co-venturers and other key stakeholders to harness this opportunity and unlock its full potential for Angola and Africa as a whole.”
This milestone represents Oando’s strategic entry into the Angolan oil and gas market and is a significant step in its long-term vision to grow its upstream operations across the continent, solidifying its position as a key player in Africa’s energy landscape, transitioning from a local operator to a regional powerhouse.
The statement further noted that following Oando’s recent acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13 enhances the company’s upstream portfolio and underscores its commitment to fostering regional growth and energy security.
Oando Energy Resources is a wholly-owned subsidiary of Oando, managing interests in 14 oil and gas assets involved in exploration, development, and production activities both onshore and offshore in Nigeria and São Tomé and Príncipe. The company boasts an extensive asset portfolio covering over 22,447 square kilometers, with a capacity to handle 483,000 barrels of oil per day, a gas handling capacity of 3,663 million standard cubic feet per day, terminal capacity of 3.5 million barrels, a pipeline network extending over 1,255 kilometers, 14 flow stations, and a 1-gigawatt power plant.
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