admin One of Oando’s key pillars of its mission statement is to be consistently intentional to lead the way in shaping the future of energy in Africa by providing solutions to the continent’s distinctive energy challenges while using Nigeria as the home base for that profound ambition.
As part of the roadmap to achieve this big goal, Oando has kept the promise made to itself not to be ordinary by ensuring it does the right things in all activities embarked upon in production, development, and exploration in the Nigerian oil and gas industry over the years.
This bold and adventurous initiative paid off handsomely when the company secured the status to operate an oil block in Angola’s Onshore Kwanza basin, thereby making a clear statement on the company’s broader strategy to increase its exploration and production capacity across Africa Continent. 
In a statement released by Oando, the Group Chief Executive Officer, Wale Tinubu expressed delight and excitement that the oil block award in Angola became a reality, an exercise that was marked by a highly competitive bidding process conducted by the Angolan National Agency for Petroleum Gas and Biofuels.
In his words “This development underscores Oando’s relentless commitment to expanding our footprint across Africa and thereby contributing to the continent’s energy sufficiency goal. I am confident in our ability to leverage our expertise to develop and maximise the value of this asset.”
The Kwanza Onshore is well known for its substantial exploration potential, with estimated prospective resources ranging from 770 million to 1.1 billion barrels of crude, giving a huge advantage to Oando.
By securing the new oil deal in Angola, Oando has a 45% participating interest in the block, while other partners in the joint venture include Effimax with a 30% interest, while Sonangol, Angola’s state oil company has 15% stake.
Late in 2024, Oando made a big acquisition of 783 million dollars of Eni’s Nigerian subsidiary, Nigeria Agip Oil Company. This new deal has further increased Oando’s stakes in key offshore assets and boosted its total reserves by 98%.
The aggressive growth of Oando’s portfolio is becoming outstanding as the company now holds interests in 14 oil and gas assets, spanning exploration, development and production in both onshore and offshore locations in Nigeria as well as Sao Tome and Principe.
Oando’s entry into Angola definitely marks a new chapter in the company’s expansion strategy, reflecting a growing ambition in Africa’s competitive oil and gas industry.
Report by Tunde Olaore
