Oando Plc, one of Nigeria’s leading energy companies listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, has achieved a significant milestone. Its upstream subsidiary, Oando Energy Resources (OER), has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.
The announcement came after a competitive bidding process conducted by Angola’s National Agency for Petroleum, Gas, and Biofuels. According to Oando’s Company Secretary, Ayotola Jagun, Block KON 13 is located in a resource-rich area with promising oil and gas deposits.
The block, which spans the prolific Kwanza Onshore Basin, holds an estimated 770 to 1,100 million barrels of oil in both pre-salt and post-salt formations. Two exploration wells have already been drilled, with oil and gas detected at various depths.
Strategic Partnership and Development
OER has secured a 45% stake in the block and will lead the development as the operator. Its co-venturers include Effimax, holding a 30% stake, and Sonangol, Angola’s state oil company, with 15%.
Oando’s Group Chief Executive, Wale Tinubu, expressed excitement about this achievement, describing it as a step towards expanding Oando’s influence across Africa. “This award reaffirms our commitment to energy sufficiency in Africa and leveraging our expertise to unlock the potential of this asset,” Tinubu said.
Strengthening Oando’s Position
This accomplishment follows Oando’s recent acquisition of NAOC Ltd in Nigeria, which expanded its portfolio significantly. The addition of Block KON 13 strengthens the company’s presence in the upstream sector and aligns with its vision of becoming a regional energy powerhouse.
Oando Energy Resources now holds interests in 14 oil and gas assets across Nigeria and São Tomé and Príncipe. The company manages a vast asset portfolio, including:
- Over 22,000 square kilometres of acreage
- A production capacity of 483,000 barrels of oil per day
- A gas handling capacity of 3.6 billion cubic feet per day
- Infrastructure including pipelines, flow stations, and a 1-gigawatt power plant
Driving Energy Growth in Africa
Oando’s expansion into Angola marks its entry into a key oil-producing nation, further solidifying its role as a leader in Africa’s energy sector. This move demonstrates its dedication to regional growth, energy security, and long-term sustainability.
Oando’s leadership and strategic vision continue to place it at the forefront of Africa’s energy transformation.