As one of Africa’s largest indigenous energy companies, Oando is experiencing significant growth, driven by its landmark acquisition of Eni’s Nigerian subsidiary last year and its recent expansion into Angola.
Following its entry into Angola’s onshore hydrocarbon sector and landmark Nigerian acquisition, Oando’s rapid growth will be highlighted as CEO Adewale Tinubu speaks at the Invest in African Energy Forum in Paris this May. In August 2024, Oando finalized the acquisition of a 100% shareholding in the Nigerian Agip Oil Company (NAOC) from Eni for $783 million.
This strategic move increased Oando’s participating interests in OMLs 60, 61, 62 and 63 from 20% to 40%, effectively doubling the company’s total reserves to approximately one billion barrels of oil equivalent. With plans to scale production to 100,000 barrels per day by 2028, the acquisition solidifies Oando’s position as a key player in Nigeria’s upstream sector.
IAE 2025 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Oando continues to strengthen its presence across Africa with a significant milestone in Angola. Through its upstream subsidiary, Oando Energy Resources (OER), the company has been awarded operatorship of Block KON 13 in the onshore Kwanza Basin. Following a competitive bidding process organized by Angola’s National Agency for Petroleum, Gas and Biofuels, OER now holds a 45% participating interest and will lead the block’s development in partnership with Effimax and Sonangol.
Strategically located in the prolific Kwanza Basin, Block KON 13 offers substantial exploration potential in both pre-salt and post-salt plays, with estimated prospective resources ranging between 770 million and 1.1 billion barrels of oil. Two exploration wells previously drilled to a depth of 3,000 meters have indicated the presence of oil and gas across various intervals.
In addition to expanding its asset base, Oando is integrating artificial intelligence (AI) into its drilling operations to enhance efficiency and decision-making. By leveraging AI, the company aims to optimize resource utilization and improve performance in upcoming projects. This initiative reflects Oando’s commitment to adopting innovative technologies to maintain its leadership in the energy sector.