On Wednesday, Oando Plc, a prominent indigenous energy solutions provider in Africa, announced that it has successfully completed the bidding process to operate the KON 13 oil block in Angola. The company, which recently acquired Eni of Italy’s oil assets in Nigeria, revealed that the award for the oil block, situated in Angola’s onshore Kwanza Basin, came after a competitive bidding process conducted by the country’s oil and gas sector regulator.
In a statement shared with THISDAY, Oando indicated that it holds a 45 percent participating interest in the asset, which is estimated to have prospective resources ranging from 770 to 1,100 million barrels of oil. Oando is managing its operations related to this asset through its upstream subsidiary, Oando Energy Resources (OER).
“Oando Plc, Africa’s leading Indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange, is delighted to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a competitive bidding process
organized by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).”
“Block KON 13 is strategically situated in the highly productive Kwanza Onshore Basin, which offers considerable exploration opportunities in both pre-salt and post-salt formations, with estimated prospective resources ranging from 770 to 1,100 million barrels of oil.
“The block has two exploration wells that were previously drilled to a target depth of 3,000 meters, where oil and gas were detected at various depths. With a 45 percent participating interest, OER will take the lead in developing the block as the operator, alongside Effimax (30 percent) and Sonangol (15 percent) as co-venturers,” it stated.
In response to the award, Wale Tinubu, Group Chief Executive of Oando Plc, expressed his confidence in the company’s ability, along with its co-venturers, to fully realize the asset’s potential for both the country and Africa.
“I am excited about our successful bid and the award of Block KON 13 in Angola. This achievement highlights Oando’s unwavering commitment to expanding our presence across Africa and supporting the continent’s energy-sufficiency objectives.
“I am confident in our capacity to utilize our expertise to develop and enhance the value of this asset. We eagerly anticipate working with our co-venturers and other key stakeholders to seize this opportunity and unlock its full potential for Angola and Africa as a whole,” Tinubu added.
The company noted that this milestone signifies its strategic entry into the Angolan oil and gas market and represents a crucial step in its long-term vision to expand its upstream operations throughout Africa.
Oando Plc stated that this move reinforces the company’s status as a key player in the energy sector across the continent, transitioning from a local operator to a regional leader. Following its recent successful acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13, the energy firm emphasized, enhanced its upstream portfolio, and demonstrated its dedication to fostering regional growth and ensuring energy security.
OER, a fully owned upstream subsidiary of Oando, holds interests in 14 oil and gas assets. These include exploration, development, and production operations both onshore and offshore in Nigeria São Tomé, and Príncipe.
The company boasts a comprehensive asset portfolio covering over 22,447 square kilometers, with a capacity to process 483,000 barrels of oil per day (bopd) and a gas handling capability of 3,663 million standard cubic feet per day (mmscf/d). Additionally, it possesses a terminal capacity of 3.5 million barrels, a pipeline network that stretches over 1,255 kilometers, 14 flow stations, and a 1GW power plant.
