Oando Plc, a leading energy company in Africa, has significantly expanded its upstream operations with the award of operatorship for Block KON 13 in Angola. This strategic move follows a competitive bidding process conducted by the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG) and positions Oando as a key player in the burgeoning Angolan oil and gas market.
Located in the prolific Kwanza Onshore Basin, Block KON 13 boasts substantial exploration potential, with estimated prospective resources ranging from 770 to 1,100 million barrels of oil. The block has a history of exploration, with two previous wells drilled to a depth of 3,000 meters encountering oil and gas indications at various levels.
Oando, through its wholly-owned subsidiary, Oando Energy Resources (OER), will lead the development of Block KON 13 with a 45% participating interest. Effimax (30%) and Sonangol (15%) will join as co-venturers in this exciting endeavor.
“I am thrilled by our successful bid and the award of Block KON 13 in Angola,” expressed Wale Tinubu, Group Chief Executive of Oando. “This achievement underscores Oando’s unwavering commitment to expanding our presence across the African continent and contributing significantly to Africa’s energy security goals.” He further emphasized his confidence in OER’s ability to effectively leverage its expertise to maximize the value of this asset.
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This award marks a pivotal moment for Oando, solidifying its position as a leading energy player across Africa. The company is steadily evolving from a local Nigerian operator to a regional powerhouse, demonstrating a consistent commitment to growth and expansion.
The recent acquisition of NAOC Limited by Oando further strengthens its upstream portfolio. The addition of Block KON 13 to this impressive portfolio reinforces the company’s dedication to driving regional growth and ensuring a secure energy future for the continent.
OER, a key subsidiary of Oando, currently holds interests in 14 oil and gas assets across Nigeria and São Tomé and Príncipe. These assets encompass a diverse range of activities, including exploration, development, and production, both onshore and offshore.
This news undoubtedly resonates with readers on a deeper level. It highlights Oando’s ambition and its contribution to Africa’s energy landscape. It evokes a sense of pride in witnessing an African company expanding its influence on the global stage. While maintaining objectivity in the economic analysis, the article aims to engage readers by presenting the information in a clear, concise, and engaging manner, fostering a deeper understanding of Oando’s strategic vision and its impact on the African energy sector.
