Oando Secures Block KON 13 Operatorship in Angola

Oando PLC has announced that its subsidiary, Oando Energy Resources (OER), has been appointed as the operator of Block KON 13, located in Angola’s Onshore Kwanza Basin.

This achievement comes on the heels of Oando’s successful $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Italian firm Eni, covering asset costs and reimbursements.

OER secured the operatorship of Block KON 13 after participating in a competitive bidding process organized by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).

The block, situated in the resource-rich Kwanza Onshore Basin, boasts significant pre-salt and post-salt formations, with an estimated potential of 770 to 1,100 million barrels of oil. It also features two exploration wells that have already been drilled to a depth of 3,000 meters, revealing the presence of oil and gas at various levels.

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As the block’s operator, OER will lead development efforts, holding a 45% stake, while Effimax and Sonangol will serve as co-venturers with 30% and 15% interests, respectively.

Wale Tinubu, Group Chief Executive of Oando PLC, expressed excitement about the acquisition and its significance for the company’s expansion across Africa.

“This successful bid and award of Block KON 13 in Angola is a significant milestone. It reflects Oando’s steadfast commitment to extending our reach across the continent and contributing to Africa’s energy sufficiency objectives,” Tinubu remarked.

He further added, “We are eager to collaborate with our co-venturers and key stakeholders to fully leverage this opportunity and unlock the block’s vast potential for Angola and the African continent at large.”

This acquisition marks Oando’s entry into the Angolan oil and gas sector and is a strategic move in its broader plan to expand upstream operations across Africa.