Nigeria’s Oando wins Angolan oil block months after NAOC acquisition

Oando Plc says its upstream subsidiary, Oando Energy Resources, 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.

This comes a few months after the company completed the acquisition of Nigerian Agip Oil Company from Italian oil major Eni.

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, according to a statement on Thursday.

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.

Wale Tinubu, Group Chief Executive of Oando PLC, said the development underscored Oando’s commitment to expanding its footprint across Africa and contributing to the continent’s energy sufficiency goals.

He said: “I am confident in our ability to leverage our expertise to develop and maximize 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”.

“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 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.”