In a definitive move to become a pan-African energy titan, Oando PLC has officially crossed the border to take the helm of Block KON-13 in Angola’s Kwanza Basin. The deal, confirmed by Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG), marks Oando’s first-ever upstream operation outside of Nigeria.
The Assets: High Stakes and High Rewards Block KON-13 isn’t just a new territory; it is a high-potential frontier. With estimated prospective resources ranging between 770 million and 1.1 billion barrels of oil, the block offers a massive runway for growth. Early exploration risks have already been mitigated, as previous drilling at depths of 3,000 meters confirmed the presence of both oil and gas.
The Power Structure:
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Oando (Operator): 45% stake
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Effimax Energy: 30% stake
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Sonangol (Angolan State Oil Co): 15% stake
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Walcot Ltd: 10% stake
A Changing of the Guard This acquisition is part of a larger, tectonic shift in African energy. As international oil majors (IOCs) retreat from onshore assets to focus on deepwater or low-carbon projects, African independents like Oando are stepping into the void. CEO Wale Tinubu described the move as a strategic advancement of the firm’s geographic footprint, bringing Nigerian technical expertise to Angolan soil.
The Momentum Factor Oando’s Angolan victory comes on the heels of its massive $783 million acquisition of Nigerian Agip Oil Company assets from Italy’s Eni in 2024. By adding KON-13 to a portfolio that already spans 14 assets across Nigeria and São Tomé and Príncipe, Oando is cementing its status as a “partner of choice” in the regional energy market.
For Angola, the deal represents a successful effort to revive its onshore basins after decades of focusing almost exclusively on deepwater production. For Oando, it is the birth of a truly continental energy empire.
