A production sharing contract (PSC) for Block KON 13 has been signed between Oando Plc and the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG).
With a 45 per cent participating interest, Oando’s wholly owned subsidiary, Oando Exploration and Production Angola Ltd, will serve as operator of the block.
The other partners in the consortium are Effimax Energy – Serviços, Lda (30 per cent), Sonangol Exploração & Produção (15 per cent), and Walcot Ltd (10 per cent).
Block KON 13 is located in the onshore Kwanza Basin, Angola. It has two exploration wells previously drilled to a total depth of 3,000m, with oil shows encountered in one well across various depths.
The addition of Block KON 13 further bolsters the energy firm’s upstream portfolio and underscores its commitment to driving regional growth and energy security.
Recall that before now, Oando acquired the assets of Nigerian Agip Oil Company Limited as part of its expansion strategy.
The latest addition solidifies the company’s strategic entry into the Angolan oil and gas sector and represents a significant step in its long-term vision to grow its upstream operations across Africa. It also represents its first operated international upstream joint venture and further strengthens its position as a prominent player in the continent’s energy landscape.
“The execution of this PSC advances our geographic footprint across Africa and reaffirms the commitment to excellence and execution we have repeatedly demonstrated on the continent.
“We bring proven technical expertise to this asset and a clear mandate to create value for our partners and advance Angola’s energy ambitions for the benefit of the continent.
“We look forward to working with ANPG, our co-venturers, and key stakeholders in moving from agreement to action,” the chief executive of Oando, Mr Wale Tinubu, said.
Oando, through its upstream businesses, holds interests in 14 oil and gas assets spanning exploration, development, and production activities, both onshore and offshore, in Nigeria and São Tomé and Príncipe.