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...
By Akinola Ajibade
Nigeria''s problems relating to pipeline vandalism, oil theft and other untoward practices may come to an end,, if the country employs idel well management strategy and remote well control the Chief Executive officer, Kenyon International West Africa, Mr Victor Ekpenyong, has said.
He spoke concluded Oloibiri Lecture Series and Energy Forum in Abuja, recently.
According to a statement signed by the firm" Public Affairs Manager, Ilechukwu Muonliyi, Ekpenyong said that oil theft is the bane of the Nigerian economy in view of the fact that the country has tried to address iit, but to avail.
He noted that the issue has resulted in the loss of revenues to the Federal Government, which relies on the production and exportation of crude oil for survival.
Ekpenyoung added thst the development has also contributed to the slate of oil spillage and its attendant environmental pollution.
According to him, the need to find s lasting solution to oil theft and other problems is imperative, due to the fact that crude oil production remains the major earnings of the government.
He said: “Since oil accounts for the major source of revenue in Nigeria, it behoves on the Federal Government to maximise its oil production by putting measures in place that will deter oil theft and vandalism.An idle well management strategy would enable a well to be decommissioned safely to protect it from being vandalized and restore an abandoned well to full potential when necessary.”
He stressed that the issue of deploying oil well management strategy and oil well remote control is key, if Nigeria' would nip the problems in the bud.
On remote well control , the Kenyon boss explained that it is a technology that can be deployed to protect oilfields facilities and environment from hazards such as blowouts.
He urged the government to integrate the idle well management strategy and remote well control to help reduce the number of emerging idle wells.
The approach he said would boost oil production which could in turn help fund and facilitate a smooth transition into clean energy.
He advocated the need for increase in Nigeria’s oil production ahead of the 2060 energy transition date the Federal Government had set for net zero emission.
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