Oando PLC, Africa’s leading indigenous energy solutions provider, has secured the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.
This achievement follows a competitive bidding process organized by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
Block KON 13, located in the prolific Kwanza Onshore Basin, offers immense exploration potential with estimated prospective resources of 770 to 1,100 million barrels of oil.
The block features two exploration wells previously drilled to a target depth of 3,000 meters with oil and gas observed at various depths.
Oando Energy Resources (OER), the company’s upstream subsidiary, will lead the development of the block with a 45% participating interest.
The project will also involve Effimax, holding 30%, and Sonangol, the national oil company of Angola with a 15% stake as co-venturers.
A Milestone in Regional Expansion
This strategic entry into Angola’s oil and gas market represents a pivotal step in Oando’s broader vision of expanding its upstream operations across Africa.
Commenting on the development, Wale Tinubu, Group Chief Executive of Oando PLC, said “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. 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.”
Strengthening Africa’s Energy Landscape
The acquisition of Block KON 13 adds to Oando’s extensive upstream portfolio, which already includes 14 oil and gas assets across Nigeria and São Tomé and Príncipe. OER oversees an expansive asset base covering over 22,447 square kilometers, a production capacity of 483,000 barrels of oil per day (bopd), and a gas handling capacity of 3,663 million standard cubic feet per day (mmscf/d).
This latest acquisition builds on Oando’s recent purchase of NAOC Ltd to further solidify its presence as a major player in Africa’s energy sector, Investors King reports.
Unlocking Angola’s Energy Potential
Oando’s leadership in Block KON 13 positions the company to unlock its vast resources and advance Angola’s energy goals while reinforcing its long-term strategic objectives.
The Kwanza Basin’s pre-salt and post-salt plays offer significant opportunities for exploration and development, and Oando is poised to deliver value through its operational expertise and strategic partnerships.