Oando Energy has been designated the operator with a 45 percent stake in the block.
An additional 10 percent interest remains available for non-operating companies, to be awarded through a restricted competition involving unsuccessful bidders from the operator selection round.
The regulator stated that the bid process adhered to the requirements outlined in Presidential Decree No. 86/18, which governs criteria for financial and technical capacity for operators and financial capability for non-operators.
Oando doubles oil output through acquisition
Oando’s success in Angola reflects its decade-long ambition to establish a presence in the country’s hydrocarbon sector.
In 2014, Tinubu revealed that Oando had signed joint ventures in Angola and Mozambique. However, financial challenges over the years cast doubt on the company’s ability to sustain its pan-African vision.
That narrative shifted with Oando’s recent acquisition of 100 percent ownership of Nigerian Agip Oil Company Limited (NAOC Ltd) from Eni S.p.A., an Italian oil giant.
This acquisition increased Oando’s stake in four key oil mining leases—OMLs 60, 61, 62, and 63—from 20 percent to 40 percent.
The move not only doubled its production capacity to 100,000 barrels of oil equivalent per day but also included full ownership of assets under the NEPL/NAOC/OOL Joint Venture.
Oando eyes Petrotrin refinery deal
Oando has outlined plans to enhance output through new drilling projects and improved security measures. The acquisition has also bolstered investor confidence, with a notable rise in the company’s share price and market value.
Additionally, Oando is advancing its international ambitions, having been shortlisted as one of three final contenders to acquire Trinidad and Tobago’s $15 billion Petrotrin refinery. This potential deal signals its intent to establish a foothold in the Caribbean energy market. (Billionaires Africa)
