Nigerian energy firm Oando PLC has gained operatorship of Block KON 13 in Angola’s Kwanza Basin, marking its entry into the Angolan market. Oando holds a 45% stake in the block, estimated to contain 770 to 1,100 million barrels of oil. The company plans to utilize its Nigerian operational expertise to expedite activities in Angola, contributing to regional energy goals.
Oando PLC, a Nigerian multinational energy corporation, has become the operator of onshore Block KON 13 located in Angola’s Kwanza Basin, as awarded by the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG). This strategic move opens Oando’s presence in the Angolan market, which aligns with the company’s wider strategy to expand across Africa. Oando holds a 45% interest in this block and aims to enhance energy supply in Angola and the continent.
Previous explorations have indicated the presence of hydrocarbon-bearing sands at depths of approximately 3,000 meters within Block KON 13. Estimates suggest that this block could contain between 770 to 1,100 million barrels of oil, highlighting its potential value to both Oando and the Angolan energy sector. Oando’s expertise will play a crucial role in the development of this asset and in meeting the region’s energy needs.
Wale Tinubu, Group Chief Executive of Oando PLC, noted that the company plans to utilize the operational insights gained from their extensive experience in Nigeria. This expertise has been further enhanced by Oando’s recent acquisition of NAOC Ltd, demonstrating a commitment to accelerate activities on the Angolan oil block. Oando’s entry into Angola marks an important step for the company as it seeks to cement its position in the African energy market.
Oando PLC is a leading energy company in Nigeria known for its exploration and production activities. The Angolan oil sector, managed by ANPG, is significant in Africa due to its vast reserves and contributions to the continent’s energy supply. By acquiring operatorship of Block KON 13, Oando not only expands its geographical reach but also positions itself strategically in the oil-rich Kwanza Basin, which is vital for meeting both local and regional energy demands. The historical drilling results suggest significant potential for oil extraction, making this a strategic investment for Oando.
In summary, Oando PLC’s new operatorship of Block KON 13 signifies a pivotal expansion into Angola, enhancing its influence in the African energy market. The block’s estimated oil reserves present substantial opportunities for both Oando and the Angolan energy sector. Leveraging operational expertise from Nigeria, Oando aims to drive growth and contribute to energy sufficiency in the region. This move aligns with the company’s broader strategy of enhancing its footprint across Africa.
Original Source: energycapitalpower.com
