Nigeria's Oando wins Angola oil block, deepens Africa expansion

Oando Plc, one of Nigeria’s top oil and gas companies, led by Wale Tinubu, has signed a Production Sharing Contract (PSC) for Block KON 13 in Angola, marking a decisive step in its pan-African upstream expansion as Nigeria’s energy landscape undergoes a structural reset driven by the rise of domestic refining capacity.

The agreement, executed with Angola’s National Agency for Petroleum, Gas and Biofuels (ANPG), grants Oando a 45% operating stake in the onshore Kwanza Basin asset through its subsidiary, Oando Exploration and Production Angola Ltd. The block, which hosts previously drilled wells with confirmed oil shows, will be developed alongside partners Effimax Energy (30%), Sonangol Exploração & Produção (15%), and Walcot Ltd (10%).

Expanding upstream footprint
The Angolan deal marks Oando’s first operated international upstream joint venture and builds on its recent acquisition of Nigerian Agip Oil Company assets, reinforcing its transition into a more production-led energy company.

“This milestone advances our geographic footprint across Africa and underscores our commitment to delivering value through technical expertise and disciplined execution,” Group CEO Wale Tinubu said.

Oando’s upstream portfolio now spans 14 assets across Nigeria and São Tomé and Príncipe, with over 22,000 square kilometers of acreage and capacity to handle 483,000 barrels of oil per day, positioning it among Africa’s most integrated indigenous operators.

Strategic pivot in a changing market
The expansion comes as Nigeria’s energy dynamics shift following the operational ramp-up of the Dangote Refinery, which is rapidly reducing the country’s dependence on imported refined products.

While the refinery’s emergence is tightening margins for fuel importers and downstream traders, it is simultaneously reinforcing the strategic importance of upstream producers. For Oando, the shift underscores the logic of its pivot toward crude production and asset ownership.

By deepening its upstream exposure, Oando is positioning itself to benefit from a more localized value chain where domestic refining capacity creates sustained demand for crude supply. The company’s Angolan entry further diversifies this exposure, providing access to hard-currency revenues and reducing reliance on any single market.

Building a continental energy platform
Under Wale Tinubu, Oando, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has grown into one of Nigeria’s most influential energy companies, with a footprint that cuts across upstream, midstream, and downstream operations.

Since its 2003 rebrand from Unipetrol, the company has steadily expanded its reach. Tinubu, through Ocean and Oil Development Partners, holds a controlling 66.67% stake, cementing his position at the center of Nigeria’s energy landscape. With infrastructure spanning pipelines, terminals, and gas processing, Oando is evolving into a continent-wide energy platform anchored on production, logistics, and regional integration.

The KON 13 deal signals more than geographic expansion, it reflects a strategic recalibration. As Africa’s energy market shifts from import dependence to production-led growth, Oando is aligning its portfolio to compete in a system where scale, reserves, and operational efficiency, not trading margins, define long-term value.