Nigeria’s Oando PLC has received operatorship of a block on the onshore facet of the Kwanza Basin, marking its entry into the Angolan oil and gasoline business.
“Block KON 13 is strategically situated within the prolific Kwanza Onshore Basin which represents important exploration potential in each pre-salt and post-salt performs, with estimated potential sources of 770 to 1,100 million barrels of oil”, Oando mentioned in a web based assertion.
Beforehand two exploration wells have been drilled to a goal depth of three,000 meters (9,842.52 toes), with oil and gasoline encountered throughout varied depths, it mentioned.
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Oando, which received bidding by means of subsidiary Oando Power Sources (OER), owns a forty five % stake. Effimax Power holds 30 %, whereas state-owned Sociedade Nacional de Combustíveis de Angola EP has 15 %, in line with Oando.
“This growth underscores Oando’s relentless dedication to increasing our footprint throughout Africa and contributing to the continent’s vitality sufficiency targets”, mentioned Oando chief govt Wale Tinubu.
OER owns exploration, growth and manufacturing pursuits in oil and gasoline belongings onshore and offshore Nigeria and São Tomé and Príncipe. It has 22,447 sq. kilometers (8,666.83 sq. miles) of acreage, an oil dealing with capability of 483,000 barrels a day, a gasoline dealing with capability of three,663 million customary cubic toes per day, 3.5 million barrels of terminal capability, a pipeline community stretching over 1,255 kilometers (779.82 miles), 14 movement stations and a one-gigawatt energy plant, in line with Oando.
NAOC Takeover
Final yr Oando acquired Nigerian Agip Oil Co. Ltd. (NAOC) from Eni SpA for practically $800 million.
NAOC operates Oil Mining Licenses (OMLs) 60, 61, 62 and 63 within the Niger Delta by means of the NAOC three way partnership with Oando and Nigeria Nationwide Petroleum Co. Ltd. (NNPC). Earlier than the transaction with Italian state-backed Eni, NAOC and Oando held a 20 % stake every within the three way partnership whereas the remaining 60 % is beneath NNPC E&P Ltd. Oando has now raised its stake within the 4 licenses to 40 %.
The NAOC three way partnership portion of Oando’s acquisition included “forty found oil and gasoline fields, of which twenty-four are at present producing, roughly forty recognized prospects and leads, twelve manufacturing stations, roughly 1,490 km [925.8 miles] of pipelines, three gasoline processing crops, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 energy crops (with a complete nameplate capability of 960 megawatts), and related infrastructure”, Oando mentioned August 22, 2024, asserting the closure of the transaction.
Eni’s sale additionally included NAOC’s 48 % and 90 % working pursuits in exploration leases 135 and 282 respectively. Nevertheless, it didn’t embody NAOC’s 5 % stake within the Niger Delta-focused Shell Petroleum Improvement Co. Joint Enterprise.
“It’s a win for Oando, and each indigenous vitality participant, as we take our future in our palms, and play a pivotal function on this subsequent part of the nation’s upstream evolution”, Tinubu, the Oando chief govt, mentioned.
To contact the writer, e-mail jov.onsat@rigzone.com
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