KEY POINTS
- Oando now operates Angola’s KON 13 Block with a 45% stake, joining Effimax, Sonangol, and Walcot Ltd.
- The Kwanza Onshore Basin block could hold 770 million to 1.1 billion barrels of oil in pre-salt and post-salt formations.
- Oando’s move underscores the increasing interest of African energy firms in Angola as a stable investment destination.
Oando, the Nigerian junior oil and gas company, has officially become the operator of Angola’s KON 13 Block, taking a 45% participating interest.
The announcement was made by Angola’s National Agency for Petroleum, Gas, and Biofuels (ANPG), signaling a significant milestone for African energy investment.
Other partners in the block include Effimax Energy Serviços, Lda with 30%, Sonangol Exploração & Produção with 15%, and Walcot Ltd holding 10% equity.
Located in the Kwanza Onshore Basin, the KON 13 Block is highly prospective for both pre-salt and post-salt oil formations.
According to ANPG, the block’s estimated prospective oil resources range between 770 million and 1.1 billion barrels, highlighting its strategic value for operators.
Exploration to date has included the drilling of two wells reaching depths of up to 3,000 meters, confirming the presence of oil and gas at multiple levels within the block. These results have reinforced the block’s potential as a major source of future production.
African Investment in Angola Gains Momentum
Paulino Jerónimo, Chairman of the Board of ANPG, praised Oando’s entry into Angola, noting that it reflects the growing confidence of African oil companies in the country’s investment climate. “This move underlines Angola’s position as a stable and attractive destination for energy investments by African firms,” Jerónimo said.
Analysts suggest that Oando’s operatorship could accelerate development activities on the block, potentially bringing substantial economic benefits to both Angola and the company’s home market in Nigeria.
