Oando Expands Upstream Footprint in Africa, Wins Bid for Angola Oil Block

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Oando Plc, one of Africa’s leading indigenous energy solutions,
yesterday announced that it had successfully completed and won the bid
for the operatorship of oil block KON 13 in Angola.The company which recently acquired Eni of Italy’s oil assets in
Nigeria, disclosed that the award of the oil block located in Angola’s
onshore Kwanza Basin followed a competitive bidding process by the
country’s oil and gas sector regulator.In a statement made available to THISDAY, Oando disclosed that the
asset in which it owns 45 per cent participating interest, has an
estimated prospective resources of 770 to 1,100 million barrels of oil.
Oando is handling its operations relating to the asset through its
upstream subsidiary, Oando Energy Resources (OER).“Oando Plc (the company), Africa’s leading indigenous energy
solutions provider listed on both the Nigerian Exchange Limited and
Johannesburg Stock Exchange is pleased to announce 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).“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.

“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 per cent participating interest, OER will lead the development of the block as operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it stated.

Commenting on the award, Group Chief Executive, Oando Plc, Wale Tinubu, expressed confidence in the capacity of the company, in collaboration with its co-venturers, to unlock the full potential of the asset for the country and indeed Africa.

“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.

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“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 added.

This milestone, the company said, marks its 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.

According to Oando Plc, it also 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 the company’s recent successful acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13, the energy firm stressed, further bolsters the company’s upstream portfolio and reflects its commitment to driving regional growth and energy security.

OER is a wholly owned upstream subsidiary of Oando, holding interests in 14 oil and gas assets encompassing exploration, development, and production activities, both onshore and offshore in Nigeria and São Tomé and Príncipe.