Oando Expands African Upstream Portfolio to Angola
Oando Plc has announced that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
In a statement, the oil company said Block KON 13 is strategically located in the prolific Kwanza Onshore Basin, which represents significant exploration potential in both pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.
Oando explained in its regulatory filing that the block has two exploration wells previously drilled to a target depth of 3,000m, with oil and gas observed across various depths. With a 45% participating interest, OER will lead the development of the block as operator, alongside Effimax (30%) and Sonangol (15%) as co-venturers.
Commenting on the award, Wale Tinubu CON, Group Chief Executive, Oando PLC, said: “I am thrilled by our successful bid and award of Block KON 13 in Angola”.
The group chief said the development underscores Oando’s relentless commitment to expanding its footprint across Africa and contributing to the continent’s energy sufficiency goals.
“I am confident in our ability to leverage our expertise to develop and maximise 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.”.
Tinubu stated that this milestone marks Oando’s strategic entry into the Angolan oil and gas market and represents a significant step in its long-term vision to grow its upstream operations across Africa.
It solidifies the company’s position as a prominent player in the continent’s energy landscape, evolving from a local indigenous operator to a regional powerhouse. Following a recent successful acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13 further bolsters the company’s upstream portfolio and reflects its commitment to driving regional growth and energy security, Tinubu stated.
Oando Energy Resources maintains an extensive asset portfolio comprising over 22,447 square km of acreage, a capacity to handle 483,000 barrels of oil per day (bopd), a gas handling capacity of 3,663 million standard cubic feet per day (mmscf/d), 3.5 million barrels of terminal capacity, a pipeline network spanning over 1,255 km, 14 flow stations, and a 1GW power plant. Nigeria, Angola Inflation Highest in Frontier Markets -Report
