Tinubu’s Oando Wins Oil block in Angola

Oando Plc, Nigeria’s indigenous energy solutions provider  has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin.

A statement by the company’s Secretary, Mrs Ayotola Jagun, said this followed a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels.

According to Jagun, Block KON 13 is strategically located in the prolific Kwanza Onshore Basin which represents significant exploration potential in both pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.

She disclosed that the block has two exploration wells previously drilled to a target depth of 3,000m, with oil and gas observed across various depths.

“With a 45 per cent participating interest, OER will lead the development of the block as an operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it was stated.

Commenting on the award, the Group Chief Executive, Oando Plc, Wale Tinubu, said, “I am thrilled by our successful bid and award of Block KON 13 in Angola.”