Oando Plc says its upstream subsidiary, Oando Energy Resources (OER), has won a bid to operate an oil block in Angola.
In a statement on Wednesday, Ayotola Jagun, the company’s secretary, said OER was awarded operatorship of ‘Block KON 13’ in Angola’s onshore Kwanza basin.
Jagun said the award followed a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
According to the secretary, block KON 13 represents significant exploration potential in pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.
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The company added that the block has two exploration wells that were previously drilled to a target depth of 3,000 metres, with oil and gas observed across various depths.
“With a 45 percent participating interest, OER will lead the development of the block as operator, alongside Effimax (30%) and Sonangol (15%) as co-venturers,” the statement reads.
Commenting on the award, Wale Tinubu, group chief executive of Oando Plc, said the successful bid and award of the oil block signals the firm’s commitment to its expansion plans.
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“This development underscores Oando’s relentless commitment to expanding our footprint across Africa and contributing to the continent’s energy sufficiency goals,” Tinubu said.
“I am confident in our ability to leverage our expertise to develop and maximize 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.”
Oando’s entry into the Angolan oil and gas market comes less than six months after its last acquisition.
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In August 2024, the oil company said it completed the acquisition of a 100 percent shareholding in Nigerian Agip Oil Company (NOAC) from Eni. The deal was worth $783 million.
Oando, in December of the same year, said it increased production output by about 50 percent since its acquisition of the NAOC.
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