Oando Plc, one of Africa’s premier indigenous energy companies, has announced a significant achievement with the successful acquisition of operatorship for Block KON 13 in Angola’s Onshore Kwanza Basin.
The milestone, secured through a competitive bidding process facilitated by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG), marks Oando’s first entry into Angola, a key player in Africa’s oil and gas sector.
This development underscores Oando’s remarkable growth trajectory over the past year, during which the company has expanded its operational footprint and diversified its asset portfolio across the continent.
Oando is currently the 18th most valuable stock on the NGX with a market capitalization of about N895 billion, which makes up about 1.42% of the Nigerian Stock. Over the last 12 months, its price has risen by 490.16 percent.
Oando Plc, through its upstream subsidiary Oando Energy Resources (OER), holds a 45% participating interest in Block KON 13, partnering with Effimax (30%) and Sonangol (15%). The block is situated in the prolific Kwanza Basin, which boasts an estimated prospective resource of 770 million to 1.1 billion barrels of oil.
Block KON 13 includes two exploration wells drilled to a depth of 3,000 meters, with oil and gas shows observed across multiple intervals.
Commenting on the acquisition, Wale Tinubu, Group Chief Executive of Oando Plc, emphasized its significance: “This development underscores Oando’s relentless commitment to expanding our footprint across Africa and contributing to the continent’s energy sufficiency goals. We are confident in our ability to develop and maximize the value of this asset for Angola and Africa as a whole.”
Oando’s Growth Trajectory
Over the past year, Oando has made remarkable strides in scaling its operations, highlighted by several strategic moves that have bolstered its position as a regional energy powerhouse.
In a landmark deal, Oando acquired 100% equity in Nigerian Agip Oil Company (NAOC Ltd), previously owned by Italy’s Eni. The acquisition included substantial stakes in oil mining leases (OMLs), such as a 20% interest in OMLs 60, 61, 62, and 63, along with infrastructure assets like the Okpai power plant. This deal significantly increased Oando’s oil and gas production capacity and reinforced its dominance in Nigeria’s energy sector.
With the addition of NAOC Ltd’s assets, Oando now holds interests in 14 oil and gas fields, spanning over 22,447 square kilometers of acreage. Its production capacity has surged to:
- 483,000 barrels of oil per day (bpd)
- 3,663 million standard cubic feet of gas per day (mmscf/d)
These figures place Oando among the leading producers in Africa, capable of meeting increasing regional energy demands.
The company also operates an extensive energy infrastructure network, including over 1,255 kilometers of pipelines, 14 flow stations, a 3.5-million-barrel terminal capacity, and a 1GW power plant. These assets demonstrate Oando’s ability to handle complex energy projects across the value chain.
The move into Angola’s oil-rich Kwanza Basin is seen as a reflection of Oando’s strategic focus on geographic diversification. The company is believed to have positioned itself as a pan-African energy leader, by entering new markets like Angola and São Tomé and Príncipe, with operations spanning exploration, development, and production.
The Kwanza Basin is renowned for its exploration potential, particularly in pre-salt and post-salt plays. Angola, Africa’s second-largest oil producer, offers a stable regulatory environment and opportunities for large-scale discoveries, making it an attractive destination for global energy companies.
Oando’s operatorship of Block KON 13 aligns with Angola’s goals to optimize its hydrocarbon resources while fostering partnerships with experienced operators.
Oando’s expertise and proven track record in upstream operations are expected to be instrumental in unlocking the block’s full potential, contributing to local economic development and energy security.