Oando has signed a Production Sharing Contract for Block KON-13 in Angola, marking the company’s first operated upstream project outside Nigeria and a significant step in its pan-African expansion drive.
The deal, approved by the National Agency for Petroleum, Gas and Biofuels (ANPG), gives Oando a 45 per cent stake in the onshore block located in the Kwanza Basin and makes it the operator. Other partners in the block include Effimax Energy with 30 per cent, Sonangol with 15 per cent, and Walcot Ltd with 10 per cent.
Angola’s regulator estimates that the block holds prospective resources of between 770 million and 1.1 billion barrels of oil, placing it among the country’s most promising onshore prospects. Two wells previously drilled to depths of about 3,000 metres recorded oil and gas shows, reducing early exploration risks and improving the path toward potential development.
Oando’s Group Chief Executive, Wale Tinubu, said the agreement strengthens the company’s footprint across Africa and reflects its ambition to grow beyond Nigeria using its technical and operational experience.
The Angola entry follows Oando’s recent expansion in Nigeria. In 2024, the company completed a $783 million acquisition of Nigerian Agip Oil Company assets from Eni, taking over operatorship of several onshore oil mining leases in the Niger Delta in one of the largest asset transfers from an international oil major to a local firm.
Industry observers say the development highlights a wider shift in Africa’s energy sector, where indigenous companies are increasingly stepping in as international oil majors scale back onshore operations and focus more on offshore and lower-carbon investments.
Angola has also been encouraging renewed interest in its onshore basins after decades of deepwater-focused production. The Kwanza Onshore Basin spans roughly 25,000 square kilometres and has featured in recent licensing efforts aimed at unlocking untapped reserves in both pre-salt and post-salt formations.
Oando’s asset base now covers 14 oil and gas interests across Nigeria and São Tomé and Príncipe, with more than 22,000 square kilometres of acreage and infrastructure capable of handling nearly 500,000 barrels of oil per day.
The KON-13 award not only widens Oando’s geographic reach but also underscores the growing role of African energy firms in leading cross-border oil and gas investments previously dominated by foreign operators.
