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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Fed Govt will end oil theft, if..........

 



Fed Govt will end oil theft, if..........

By Akinola Ajibade

The Federal Government will bring the menace of crude oil thefts and associated practices to end soon,  if all go according to plans. 
The government is set to achieve this goal through the  Nigerian Upstream Petroleum Regulatory Commission ( NUPRC).
Speaking during a stakeholders' forum in Abuja recently, the Commission's Chief Executive officer, Mr Gbenga Komolafe, said that the agency is in the process of upgrading and deploying the National Production Monitoring System ( NPMS)  facility, with a view to combat the activities of oil thieves and further block all the avenues through which the proceeds of the criminal  indulgence is going to.
According to him, the deployment of NPMS, which is an electronic system that is used to  monitor oil and gas production in Nigeria, would help in curbing such activities.
He said NUPRC, an agency of the Federation Government, which was set up to replace the Department of Petroleum Resources ( DPR) is collaborating with others relevant institutions in order to finally end oil thefts in the country.
He said that the idea would ensure accurate and reliable reporting of crude oil production, adding that the National Data Repository (NDR) within NUPRC would serve as the Data Warehouse for Nigeria's oil and gas industry.
Komolafe said: " The value of information (VOI) is for purpose of oil and gas investment decision.
For example, NDR facilitates data for bid rounds in line with the statutory mandates of the NUPRC under the Pertoluem Industry Act( PIA) to prospective investors, thus enabling informed investment decision and shortening upstream business lifecycles".
He said currently, the Technological Adaptation Unit within the Engineering and Standards Department engaged service providers on new technologies that can be implemented in the Nigerian Petroleum Industry.
" In addition, we have established more data related related initiatives in the NDR such as National Improved Oil Recovery Centre ( NIORC) focussed on utilising bid data in order to drive reduction in cost per barrel" he added.


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