Oando Plc has announced that its upstream subsidiary, Oando Energy Resources (OER), has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin. The award came after a competitive bidding process conducted by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG). This was disclosed in a statement by Oando’s chief compliance officer and company secretary, Ms. Ayotola Jagun, which was released on the Nigerian Exchange (NGX) Limited.
Block KON 13, located in the Kwanza Onshore Basin, is recognized for its significant exploration potential, with prospective resources estimated between 770 to 1,100 million barrels of oil. The block has seen prior exploration with two wells drilled to a depth of 3,000 meters, where oil and gas were observed. OER will hold a 45% participating interest, operating alongside Effimax (30%) and Sonangol (15%).
Group Chief Executive of Oando, Wale Tinubu, expressed enthusiasm for the new venture, stating, “I am thrilled by our successful bid and award of Block KON 13 in Angola. This development underscores Oando’s relentless commitment to expanding our footprint across Africa and contributing to the continent’s energy sufficiency goals.” Tinubu further emphasized Oando’s confidence in their expertise to maximize the asset’s potential, looking forward to collaboration with co-venturers and stakeholders to develop the block for the benefit of Angola and Africa.
This acquisition marks Oando’s strategic entry into the Angolan oil and gas sector, enhancing its position as a key player in Africa’s energy market. It follows Oando’s recent acquisition of NAOC Limited in Nigeria, further strengthening its upstream portfolio. OER, a wholly owned subsidiary of Oando, now holds interests in fourteen oil and gas assets across Nigeria, São Tomé and Príncipe, and now Angola, involving a wide range of activities from exploration to production.
Oando’s asset base now includes over 22,447 square kilometers of acreage, with capabilities for handling 483,000 barrels of oil per day, 3,663 million standard cubic feet per day of gas, 3.5 million barrels of terminal capacity, a 1,255 km pipeline network, 14 flow stations, and a 1GW power plant. This expansion not only diversifies Oando’s operations but also underscores its commitment to regional growth and energy security in Africa.
Leave a comment