Oando is growing its presence in Africa's upstream sector by securing a bid for an oil block in Angola.

Oando Plc, a prominent indigenous energy solutions provider in Africa, announced yesterday that it has successfully secured the operatorship of oil block KON 13 in Angola.

The company, which recently acquired the oil assets of Eni from Italy in Nigeria, revealed that the award for the oil block, situated in Angola's onshore Kwanza Basin, was the result of a competitive bidding process conducted by the country's oil and gas regulatory authority.

In a statement, Oando indicated that it holds a 45 percent participating interest in the asset, which is estimated to contain prospective resources ranging from 770 to 1,100 million barrels of oil. The operations related to this asset will be managed by Oando's upstream subsidiary, Oando Energy Resources (OER).

“Oando Plc (the company), Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).

“Block KON 13 is strategically located in the prolific Kwanza Onshore Basin which represents significant exploration potential in both pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.

“The block has two exploration wells previously drilled to a target depth of 3,000m, with oil and gas observed across various depths. With a 45 per cent participating interest, OER will lead the development of the block as operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it stated.

In response to the award, Wale Tinubu, Group Chief Executive of Oando Plc, expressed confidence in the company's ability, in partnership with its co-venturers, to fully realize the asset's potential for both the country and the broader African region.

“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 maximise 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,” Tinubu added.

This achievement, as stated by the company, signifies its strategic entry into the Angolan oil and gas sector and represents a crucial advancement in its long-term objective to expand its upstream operations throughout Africa.

Oando Plc noted that this development reinforces the company’s status as a key player in the continent’s energy sector, transitioning from a local indigenous operator to a regional leader.

In light of the company’s recent successful acquisition of NAOC Ltd in Nigeria, the incorporation of Block KON 13, the energy firm emphasized, further enhances its upstream portfolio and demonstrates its dedication to fostering regional growth and ensuring energy security.

OER, a fully owned upstream subsidiary of Oando, possesses interests in 14 oil and gas assets that include exploration, development, and production activities, both onshore and offshore in Nigeria and São Tomé and Príncipe.

The company boasts a comprehensive asset portfolio that covers over 22,447 square kilometers of acreage, 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 features a terminal capacity of 3.5 million barrels, a pipeline network exceeding 1,255 kilometers, 14 flow stations, and a 1GW power generation facility.