Oando PLC has announced to the Nigerian Exchange (NGX) that its subsidiary, Oando Energy Resources (OER), has been awarded the operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.
This follows Oando’s successful acquisition of Nigerian Agip Oil Company (NAOC) in Nigeria from the Italian company Eni for $783 million, which includes asset costs and reimbursements.
The recent operatorship of Block KON 13 was granted to OER following a competitive bidding process organized by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
This block is situated in the Kwanza Onshore Basin, known for its promising pre-salt and post-salt formations, with estimated resources of 770 to 1,100 million barrels of oil.
Block KON 13 also features two previously drilled exploration wells that reached a target depth of 3,000 meters, where oil and gas have been observed at various depths.
In its role as operator, OER will lead the development of this block, holding a 45% participating interest, while Effimax and Sonangol will participate as co-venturers with interests of 30% and 15%, respectively.
Comments
Wale Tinubu, Group Chief Executive of Oando PLC, expressed his enthusiasm regarding the company’s recent acquisition of Block KON 13 in Angola.
He highlighted that this development represents Oando’s commitment to enhancing its presence across Africa while supporting the continent’s energy-sufficiency goals.
Tinubu stated, “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.”
He further asserted, “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.”
This acquisition allows Oando to enter the Angolan oil and gas market and serves as a practical step in its plan to broaden its upstream operations across the continent.
About OER
- Oando Energy Resources (OER) is a wholly owned upstream subsidiary of Oando, overseeing a diverse portfolio of fourteen oil and gas assets involved in exploration, development, and production activities both onshore and offshore in Nigeria and São Tomé and Príncipe.
- With a substantial asset portfolio covering over 22,447 square kilometers, OER boasts a remarkable capacity to handle 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, the company possesses a terminal capacity of 3.5 million barrels, a pipeline network extending over 1,255 kilometers, 14 operational flow stations, and a 1GW power plant.
