For more than thirty years, Oando Plc, one of Nigeria’s top energy corporations, has led the nation’s energy industry. Oando is a pioneer in the Nigerian energy sector thanks to its long history of innovation, strategic alliances, and dedication to sustainability. Since its founding as a gasoline marketing corporation in 1956, Oando has experienced substantial changes. The business grew in the 1990s to offer energy services in addition to oil production and exploration. Oando was able to strengthen its position in the Nigerian energy market and access new revenue sources because to this strategic diversification.
Oando’s upstream operations have advanced significantly in recent years. OML 13, OML 61, and OML 71 are among the oil blocks that the business has obtained operatorship over. In addition to augmenting Oando’s oil reserves, these acquisitions have set up the business for sustained expansion and financial success. In order to promote expansion and advancement in its upstream activities, Oando has also established strategic alliances with international oil companies (IOCs). For example, the company’s development of the Qua Iboe field in collaboration with Nigerian Agip Exploration (NAE) has greatly expanded Oando’s oil production.
In another huge move to expand its upstream portfolio, Oando Energy Resources, a subsidiary of Oando Plc, has secured the operatorship of Block KON 13 in Angola. This strategic acquisition marks Oando’s entry into Angola’s lucrative oil and gas sector and reinforces the company’s commitment to growing its upstream assets.
Block KON 13 is strategically located in the resource-rich Kwanza Onshore Basin, known for its significant exploration potential in both pre-salt and post-salt plays. The block is estimated to hold prospective resources ranging from 770 million to 1.1 billion barrels of oil. Two exploration wells have already been drilled on the block to a target depth of 3,000 meters, with oil and gas observed at various depths. As operator, OER will lead the development of the block with a 45% participating interest, partnering with Effimax (30%) and Sonangol (15%) as co-venturers. Oando’s acquisition of Block KON 13 is expected to increase the company’s oil reserves and production, driving growth and profitability.
Commenting on the milestone, Wale Tinubu CON, Group Chief Executive, Oando PLC, said: “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. 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”.
This ground-breaking innovation marks Oando’s strategic entry into the Angolian oil and gas market and solidifies the corporation’s position as a prominent player in the continent’s energy landscape, evolving from a local indigenous operator to a regional powerhouse.
Increased investment and exploration efforts have propelled Angola’s oil and gas industry’s recent notable expansion. The establishment of a more advantageous business climate is one of the measures the government has put in place to promote foreign investment. The company’s strategic vision and dedication to growth are demonstrated by Oando’s entry into Angola’s upstream industry. Oando’s vast experience in Nigeria’s oil and gas industry puts it in a strong position to use its knowledge and assets to propel success in Angola. It is anticipated that Oando’s financial performance will improve as a result of the acquisition of Block KON 13, with sales and profitability rising. As investors react favorably to the news, the company’s stock is probably going to gain from this development.
In conclusion, Oando’s expansion into Angola’s upstream sector through the acquisition of Block KON 13 is a significant milestone in the company’s growth journey. With its extensive experience, strategic vision, and commitment to growth, Oando is poised to become a major player in Angola’s oil and gas sector.
