Oando Plc, a leading Nigerian energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange, 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. This prestigious opportunity follows a competitive bidding process organized by the Angolan National Agency for Petroleum, Gas, and Biofuels.
Block KON 13, located in the prolific Kwanza Onshore Basin, is seen as a highly strategic asset, offering significant exploration potential in both pre-salt and post-salt plays. The block holds an estimated prospective resource of 770 to 1,100 million barrels of oil, making it a key addition to Oando’s expanding energy portfolio. The area has two exploration wells that were previously drilled to a target depth of 3,000 meters, with oil and gas observed at various depths.
As the operator of the block, OER will hold a 45 percent participating interest, with Effimax and Sonangol holding 30 percent and 15 percent, respectively, as co-venturers. This collaboration is poised to drive the development of the block and unlock its full potential.
Wale Tinubu, the Group Chief Executive of Oando Plc, expressed his excitement and confidence following the award of the block. He emphasized that this achievement highlights Oando’s ongoing commitment to expanding its footprint across Africa and contributing to the continent’s energy-sufficiency goals. Tinubu also highlighted the company’s expertise in managing and developing energy assets, which will play a crucial role in maximizing the value of Block KON 13.
“This milestone marks Oando’s strategic entry into the Angolan oil and gas market,” Tinubu said. “It solidifies our position as a regional energy powerhouse and underscores our long-term vision to grow our upstream operations across Africa. We look forward to working with our co-venturers and stakeholders to fully realize the potential of this asset for Angola and the broader African energy landscape.”
This latest acquisition follows Oando’s successful acquisition of NAOC Ltd in Nigeria, further strengthening the company’s upstream portfolio. The addition of Block KON 13 marks another significant step in Oando’s regional growth strategy and commitment to enhancing energy security across Africa.
OER, a wholly owned subsidiary of Oando Plc, currently holds interests in 14 oil and gas assets spanning exploration, development, and production activities in Nigeria and São Tomé and Príncipe. The company’s portfolio covers over 22,447 square kilometers of acreage, with the capacity to handle 483,000 barrels of oil per day and a gas handling capacity of 3,663 million standard cubic feet per day.
Additionally, OER operates a pipeline network spanning over 1,255 kilometers, 14 flow stations, and a 1-gigawatt power plant, further demonstrating its extensive operational reach and capabilities in Africa’s energy sector.
