Oando Plc, a leading Nigerian energy solutions provider with dual listings on the Nigerian Exchange Limited and Johannesburg Stock Exchange, has expanded its upstream operations into Angola with the acquisition of operatorship of Block KON 13. This strategic move, achieved through a competitive bidding process organized by the Angolan National Agency for Petroleum, Gas, and Biofuels, positions Oando as a significant player in the Angolan oil and gas sector and further solidifies its presence as a regional energy powerhouse. The acquisition also underscores Oando’s commitment to driving growth and ensuring energy security within the African continent.
Block KON 13, located in the highly prospective onshore Kwanza Basin, offers significant exploration potential in both pre-salt and post-salt plays. Geological surveys and two previously drilled exploration wells, reaching depths of 3,000 meters, have revealed promising oil and gas reserves at various depths, with estimated prospective resources ranging from 770 to 1,100 million barrels of oil. Oando, through its wholly-owned upstream subsidiary, Oando Energy Resources (OER), holds a 45 percent participating interest and will operate the block, partnering with Effimax (30 percent) and Sonangol (15 percent). This partnership blends Oando’s technical expertise with the local knowledge and resources of the Angolan partners, creating a strong foundation for successful exploration and development.
This venture into Angola signifies a pivotal step in Oando’s long-term strategic vision of expanding its upstream portfolio across Africa. The company aims to leverage its expertise and resources to maximize the value of Block KON 13, contributing significantly to Angola’s and Africa’s energy sufficiency goals. Wale Tinubu, Group Chief Executive of Oando Plc, expressed his enthusiasm for this significant milestone, highlighting the company’s unwavering commitment to expanding its footprint across the African continent and contributing to the continent’s energy-sufficiency goals. He emphasized the strategic importance of this acquisition in solidifying Oando’s position as a key player in the African energy landscape.
The acquisition of Block KON 13 follows Oando’s recent successful acquisition of NAOC Ltd in Nigeria, further strengthening the company’s upstream portfolio and demonstrating its focused approach to driving regional growth and energy security. This expansion aligns with Oando’s ambition to transition from a primarily Nigerian operator to a significant regional player, actively contributing to the continent’s energy landscape. These strategic acquisitions demonstrate Oando’s commitment to pursuing growth opportunities and enhancing its operational capabilities in the upstream sector.
OER, as the dedicated upstream subsidiary of Oando, boasts a significant portfolio of 14 oil and gas assets across Nigeria and São Tomé and Príncipe, encompassing exploration, development, and production activities both onshore and offshore. This wide range of assets allows OER to leverage diverse expertise and resources to optimize its operations and contribute significantly to Oando’s overall growth. The company’s substantial infrastructure and operational capacity underscore its capability to manage large-scale projects and contribute meaningfully to regional energy production.
With an extensive asset portfolio covering over 22,447 square kilometers of acreage, OER has a significant presence in the upstream sector. Its operational capacity includes the ability to handle 483,000 barrels of oil per day and a gas handling capacity of 3,663 million standard cubic feet per day. Further demonstrating its robust infrastructure, OER boasts a terminal capacity of 3.5 million barrels, a pipeline network spanning over 1,255 km, 14 flow stations, and a 1-gigawatt power plant. These resources position OER as a well-equipped operator capable of maximizing the potential of its assets and contributing significantly to the region’s energy needs. The acquisition of Block KON 13 further enhances this capacity and reinforces Oando’s commitment to playing a leading role in Africa’s energy future.
