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...
The firm In a statement, made available to the media ,said the development underscores the growing role of local exploration companies in revitalizing Nigeria and Africa’s upstream landscape.
It said:”The $783-million transaction sees Oando’s participating interests in Oil Mining Licenses (OML) 60, 61, 62 and 63 increase from 20% to 40% and its total reserves grow by almost 100% to one billion barrels of oil equivalent.
“Oando’s ownership stake will also increase in NAOC’s joint venture assets, which include 40 discovered oil and gas fields – of which 24 are currently producing – 40 identified prospects and leads, 12 production stations, 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai Phase 1 & 2 power plants and associated infrastructure.
“With a diverse portfolio of on- and offshore assets in Nigeria’s oil and gas sector, Oando represents one of the leading indigenous explorers on the continent. Currently, its producing assets include Qua Iboe (OML 13) and the Ebendo Field (OML 56), in addition to the four OMLs acquired from NAOC.
“The company’s promising development pipeline includes OML 90 and OML 122, which hold tremendous potential for boosting Oando’s operational capacity, while its exploration prospects center around interests in several strategic assets, including OMLs 321 and 323, as well as Blocks 5 and 12, OML 131 and OML 145”.
The statement said: ⁿted that Oando PLC is well-positioned to harness the full potential of Africa’s energy resources and create long-term value for the company’s stakeholders.
With a diverse and robust array of assets, it said Oando Plc has established a firm foundation for its business operations, ensuring a strong and sustainable presence in the dynamic and ever-evolving oil and gas sector.
“Oando is delivering on its pledge to expand upstream investments and its position in Nigeria’s oil and gas sector. The AEC congratulates and supports Oando on the successful completion of this milestonetransaction, as it affirms the influence of local exploration and production companies and their unwavering belief in harnessing the full scope of Africa’s energy resources. We look forward to unpacking this deal and its many implications for the sector at this year’s AEW,” says NJ Ayuk, AEC Executive Chairman.
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