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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Heirs Oil& Gas pledges to meet Africa's energy needs


By Akinola Ajibade 

Africa’s integrated energy company has promised to meet the energy needs of Africa, just as it emerged the winner of Project Finance International ( PFI) Award..

The company wins the ‘Africa deal of the year 2021’ following the $1.1 billion financing and acquisition of45% stake in OML 17 in 2021.

“On behalf of the HHOG team, I would like to thank PFI for this great honour which recognises the OML 17 acquisition deal, while also acknowledging the efforts of the entire team involved in the transaction.” said Executive Director, Heirs Oil & Gas, Samuel Nwanze.

The deal, which was announced in January 2021, witnessed Heirs Holdings, the leading African strategic investor, in partnership with affiliated company Transnational Corporation (Transcorp), acquire a 45% participating interest in Nigerian oil license OML 17 and related assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI.

Acknowledging the award, Chief Executive Officer, Heirs Oil & Gas, Osayande Igiehon said “This great recognition reiterates our commitment to excellence in ourbid to fulfil Africa’s unique energy needs and ensure that Africa’s natural resources are directed toward value creation on the continent.”

The PFI awards is organised by Project Finance International (PFI),a leading source in global project finance reporting, covering all the major sectors, including transport, power, oil and gas, infrastructure and mining.

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