Oando Plc, led by Wale Tinubu, has emerged as the operator of Angola’s Kwanza Basin Block KON 13, securing a 45% stake in the block
[dropcap]O[/dropcap]ando Plc, an integrated energy solutions provider spearheaded by oil tycoon Wale Tinubu, has secured a significant milestone by becoming the operator of Angola’s Kwanza Basin Block KON 13.
Also read: Oando’s Wale Tinubu champions energy transformation for Nigeria’s future
The announcement, made by Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG) over the weekend, follows a rigorous tender process that began in May 2024.
Oando was awarded a 45% stake in the block, with an additional 10% reserved for non-operating companies through restricted competition.
This development marks a critical step in Oando’s strategy to increase oil production to 100,000 barrels per day and expand its global footprint.
The company’s success in Angola follows its recent acquisition of Nigerian Agip Oil Company Limited, which boosted its stake in key oil leases and strengthened investor confidence.
Also read: Oando Plc celebrates 30 years of growth and innovation
With plans for new drilling projects and improved security, Oando is solidifying its position as a leader in Africa’s energy sector.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
