Oando has taken a significant step in its pan-African expansion strategy, securing a major oil deal in Angola that positions the company in one of the continent’s most promising hydrocarbon basins, according to Business Insider Africa.
The Nigerian energy firm signed a production sharing contract for Block KON-13 in the onshore Kwanza Basin, taking a 45% stake and operatorship, marking its first operated upstream project outside Nigeria, as confirmed by Angola’s National Agency for Petroleum, Gas and Biofuels.
The block is estimated to hold between 770 million and 1.1 billion barrels of oil, making it a high-potential asset with early exploration already indicating the presence of oil and gas.
Oando will partner with Effimax Energy (30%), Sonangol (15%), and Walcot Ltd (10%), forming a consortium aimed at developing the asset and unlocking its commercial value.
Group CEO Wale Tinubu described the deal as a milestone in expanding the company’s geographic footprint, aligning with a broader shift where indigenous African firms are increasingly taking over upstream roles previously dominated by international oil majors.
