Oando Energy Resources obtains operatorship of Block KON 13 in Angola, eyes increased productivity

Oando PLC has informed the Nigerian Exchange that its subsidiary, Oando Energy Resources, has been chosen to lead the operations in Block KON 13, located in Angola’s onshore Kwanza Basin.

This announcement comes after Oando successfully purchased Nigerian Agip Oil Company (NAOC) from the Italian energy giant Eni for $783 million. This amount covers the cost of acquiring the assets and other related expenses.

OER was awarded the right to operate Block KON 13 after winning a competitive bidding process conducted by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).

Block KON 13 is located in the Kwanza Onshore Basin, a region known for its potential for both pre-salt and post-salt oil deposits. Estimates suggest that the basin holds between 770 and 1,100 million barrels of oil.

Oil and gas have been discovered at various depths within two previously drilled exploration wells in Block KON 13, which reached a target depth of 3,000 meters.

OER will lead the development of this block as the operator, holding a 45% participating interest. Effimax and Sonangol will participate as co-venturers with respective interests of 30% and 15%.

In his comments, Wale Tinubu, Group Chief Executive of Oando PLC, expressed excitement over Oando’s recent acquisition of Block KON 13 in Angola.

He emphasized that this move aligns with Oando’s commitment to expanding its African presence and supporting the continent’s efforts to achieve energy independence.

“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.

“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 stated.

This acquisition marks Oando’s entry into the Angolan oil and gas market and represents a significant step forward in its plan to expand its upstream operations throughout Africa.

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