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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 gets £62m power equipment from Siemens By Akinola Ajibade

Fed Govt gets £62m power equipment from Siemens 

By Akinola Ajibade 

Nigeria will take delivery of 10 Mobile Reansformers  and 10 Mobile Substations from Siemens soon 

The delivery of the power equipment is under the the first phase of the Presidential Power Initiative which the Federal Executive Council (FEC) approved to the tune of $1.9 million and €62.9 million in 2021.

The Country's Minister of Power,  Abubakar Aliyu made this known after his recent visit to Siemens in Berlin and Frankfurt, Germany.

Power minister (second right) and entourage at Siemens in Germany

The PPI is a power upgrade and modernisation programme between the Nigerian government and Siemens with the support of the German government.

In July 2019, the federal government signed a PPI deal with Siemens AG to increase Nigeria’s electricity generation to 25,000 megawatts (MW) in six years.

In July 2020, President Muhammadu Buhari approved the payment of €15.21 million and N1.708 billion as counterpart funding for the PPI.

News Mirror reports that the Minister of Finance, Budget, and National Planning, Zainab Ahmed had said the $1.9 million will be used for payment of transactions advisors and third-party consultants for the power project. 

Ahmed also explained that €62 million will be used for the procurement of mobile equipment and transformers for the transmission of power across the country.

The Finance Minister said, “The second approval that we got from Council today is still relating to the PPI power project and the memo was seeking the approval of Council for the award of contracts for the procurement of mobile equipment for the transmission power component of the project.

“So, 10 mobile equipment and 10 transformers in favour of Siemens AG.

“The total cost of the procurement is in the sum of 62,949,447 euros with a delivery period of 12 to 18 months, dependent on how we’re able to push because this equipment will be manufactured specifically for us.

“The focus is to be able to very quickly enhance the power availability and capacity in the country.

“With this particular approval, we’ll be able to expand from the current capacity of 5000 megawatts to 7000 megawatts.”

Aside the increase in power supply to about 40 million Nigerians, the federal government said PPI would also create at least 11,000 direct and indirect jobs.

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