Oando Plc, a leading African energy company, has secured the operatorship of Block KON 13 in Angola’s onshore Kwanza Basin following a competitive bidding process.
The announcement was made by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
Oando Energy Resources (OER), the upstream subsidiary of Oando, now holds a 45% participating interest in the block. Other partners in the joint venture include Effimax with a 30% stake and Angola’s state oil company, Sonangol, with 15%. Notably, 10% of the block remains available for award to non-operators, which will be determined through a restricted bidding process.
The Kwanza Basin block offers immense potential, with estimated prospective resources of 770 to 1,100 million barrels of oil. Two exploration wells previously drilled in the block have confirmed the presence of oil and gas across various depths. This award highlights the strategic importance of the Kwanza Basin, which features both pre-salt and post-salt exploration opportunities.
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Commenting on the development, Wale Tinubu, Oando’s Group Chief Executive, expressed confidence in the company’s ability to unlock the full potential of the asset.
“This development underscores Oando’s relentless commitment to expanding our footprint across Africa and contributing to the continent’s energy sufficiency goals,” Tinubu stated. He also emphasized the collaborative approach with co-venturers and stakeholders to maximize the value of the asset.
Oando’s entry into Angola comes shortly after its $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant Eni. This transaction significantly increased Oando’s production output and reserves in Nigeria, enhancing its overall capacity.
With the addition of Block KON 13 to its portfolio, Oando strengthens its position as a key player in Africa’s energy landscape. The move reflects the company’s long-term vision to drive regional energy security while expanding its upstream operations across Africa. Oando’s asset portfolio now spans exploration, development, and production activities in Nigeria, São Tomé and Príncipe, and Angola.
