Oando Plc has announced that it has executed a Production Sharing Contract (PSC) for Block KON 13 in Angola. A statement by the Company Secretary, Oando Plc, Folasade Ibidapo-Obe, seen by New Telegraph yesterday, explained that the agreement was signed between the group and the Angolan National Agency for Petroleum, Gas and Biofuels (ANPG) further to its announcement of January 22, 2025 regarding the award of the block.

The statement explained that Block KON 13 is located in the onshore Kwanza Basin, Angola. It added that the block had two exploration wells previously drilled to a total depth of 3,000m, with oil shows encountered in one well across various depths.

It said: “With a 45% participating interest, Oando’s wholly owned subsidiary, Oando Exploration and Production Angola Ltd, will serve as operator of the block. The other partners in the consortium are Effimax Energy – Serviços, Lda (30%), Sonangol Exploração & Produção (15%), and Walcot Ltd (10%).”

Commenting on the signing, Group Chief Executive of Oando, Wale Tinubu, said: “The execution of this Production Sharing Contract advances our geographic footprint across Africa and reaffirms a commitment to excellence and execution we have repeatedly demonstrated on the continent.

“We bring proven technical expertise to this asset and a clear mandate to create value for our partners and advance Angola’s energy ambitions for the benefit of the continent. We look forward to working with ANPG, our co-venturers, and key stakeholders in moving from agreement to action.”