Oando wins oil block in Angola

Oando Plc, Nigeria’s indigenous vitality options supplier listed on each the Nigerian Trade Restricted and Johannesburg Inventory Trade, says its upstream subsidiary, Oando Power Assets, has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.

A press release by the corporate’s Secretary, Mrs Ayotola Jagun, stated this adopted a aggressive bidding course of organised by the Angolan Nationwide Company for Petroleum, Gasoline, and Biofuels..

In keeping with Jagun, Block KON 13 is strategically positioned within the prolific Kwanza Onshore Basin which represents important exploration potential in each pre-salt and post-salt performs, with estimated potential assets of 770 to 1,100 million barrels of oil.

She dlscllosed that the block has two exploration wells beforehand drilled to a goal depth of three,000m, with oil and gasoline noticed throughout varied depths.

“With a forty five per cent taking part curiosity, OER will lead the event of the block as an operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it was acknowledged.

Commenting on the award, the Group Chief Govt, Oando Plc, Wale Tinubu, stated, “I’m thrilled by our profitable bid and award of Block KON 13 in Angola.”

This improvement underscores Oando’s relentless dedication to increasing our footprint throughout Africa and contributing to the continent’s energy-sufficiency targets.

“I’m assured in our capability to leverage our experience to develop and maximise the worth of this asset. We stay up for collaborating with our co-venturers and different key stakeholders to harness this chance and unlock its full potential for Angola and Africa as an entire.”

He defined that the milestone marks Oando’s strategic entry into the Angolan oil and gasoline market and represents a major step in its long-term imaginative and prescient to develop its upstream operations throughout Africa.

The CEO stated this solidifies the corporate’s place as a distinguished participant within the continent’s vitality panorama, evolving from an area indigenous operator to a regional powerhouse.

The assertion learn additional, “Following the corporate’s latest profitable acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13 additional bolsters the corporate’s upstream portfolio and displays its dedication to driving regional development and vitality safety.

“OER is a completely owned upstream subsidiary of Oando, holding pursuits in 14 oil and gasoline belongings encompassing exploration, improvement, and manufacturing actions, each onshore and offshore in Nigeria and São Tomé and Príncipe.

“The corporate maintains an intensive asset portfolio comprising over 22,447 sq. km of acreage, a capability to deal with 483,000 barrels of oil per day, a gasoline dealing with capability of three,663 million customary cubic toes per day, 3.5 million barrels of terminal capability, a pipeline community spanning over 1,255 km, 14 move stations, and a 1gigawattW energy plant.”