Oando Energy Resources (OER), the upstream subsidiary of Oando PLC, has been awarded on February 09 the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a competitive bidding process led by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
This marks a significant milestone for Oando as it strengthens its position in the African oil and gas sector. Block KON 13, located in a prolific basin known for its high exploration potential, has estimated prospective resources ranging from 770 to 1,100 million barrels of oil, positioning OER as a key player in the region’s energy development.
The Kwanza Onshore Basin offers substantial prospects in both pre-salt and post-salt formations. OER will take the lead in developing the block, holding a 45% interest, while Effimax (30%) and Sonangol (15%) will serve as co-venturers. The block already contains two exploration wells that have reached a depth of 3,000 metres, with oil and gas observed across various layers. This promising asset, once developed, is expected to significantly contribute to Angola’s energy infrastructure and enhance Oando’s growing portfolio in Africa’s upstream market.
Wale Tinubu, Group Chief Executive of Oando PLC, expressed his enthusiasm over the award, highlighting the company’s ongoing commitment to driving energy sufficiency across Africa. He emphasised Oando’s strategic intent to expand its regional footprint, noting that the acquisition of Block KON 13 aligns with the company’s vision of becoming a leading force in Africa’s energy landscape. This development follows Oando’s recent successful acquisition of NAOC Ltd in Nigeria and reinforces the company’s role in advancing energy security across the continent. With an extensive asset portfolio spanning across several African nations, Oando is well-positioned to leverage its expertise and further its leadership in the oil and gas industry.