Oando Plc, Nigeria’s indigenous energy solutions provider listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, has announced that its upstream subsidiary, Oando Energy Resources, has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.
A statement from the company’s Secretary, Mrs. Ayotola Jagun, on Wednesday, revealed that the award followed a competitive bidding process organized by the Angolan National Agency for Petroleum, Gas, and Biofuels.
Jagun emphasized that Block KON 13 is strategically located in the prolific Kwanza Onshore Basin, an area with significant exploration potential in both pre-salt and post-salt plays. The block is estimated to hold prospective resources ranging from 770 to 1,100 million barrels of oil.
She disclosed that the block has two exploration wells previously drilled to a target depth of 3,000 meters, with oil and gas observed at various depths.
“With a 45 per cent participating interest, OER will lead the development of the block as an operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it was stated.
Commenting on the award, the Group Chief Executive, Oando Plc, Wale Tinubu, said, “I am thrilled by our successful bid and award of Block KON 13 in Angola.”
This development highlights Oando’s unwavering commitment to expanding its presence across Africa and supporting 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,” he added.
He explained that this milestone marks Oando’s strategic entry into the Angolan oil and gas market, representing a significant step in the company’s long-term vision to expand its upstream operations across Africa.
The CEO emphasized that this development solidifies Oando’s position as a key 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 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.
“The company maintains an extensive asset portfolio comprising over 22,447 square km of acreage, a capacity to handle 483,000 barrels of oil per day, a gas handling capacity of 3,663 million standard cubic feet per day, 3.5 million barrels of terminal capacity, a pipeline network spanning over 1,255 km, 14 flow stations, and a 1gigawattW power plant,” the statement read further.
