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
The Federal Government will start the process of implementing the Petroleum Industry Act( PIA) in the upstream sector of the nation's oil and gas industry, the Minister of State for Petroleum Resources, Chief Timipre Sylva has said.
He said this during a two-day conference organised for stakeholders in Abuja recently.
The conference was organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to intimate operators on the process of ratifying the first set of regulations was on the Act
According to him, the first set of regulations would govern the sector in line with Section 216 of the PIA, stressing that the forum was convened to enable stakeholders provide inputs to fine-tune key regulations as prepared by the NUPRC and the Presidential Steering Committee.
He said: " “It is believed that a robust engagement such as this will create the platform for all of us to brainstorm in a constructive manner. The Act would also help in harnessing the necessary inputs from various stakeholders to further clarify the draft regulations and the eventual firming up of the final regulations for use.”
The Minister stated that though PIA had removed the uncertainties that hampered investments in the sector, strong regulations are going to be needed in order to keep the industry vibrant and relevant.
He advised stakeholders to embrace innovation in their operations to enable the industry survive the challenges imposed by the global energy transition.
“However, the challenge posed by the huge divestments in the hydrocarbon explorations by oil majors in the country in the past as a result of the global energy transition calls for more innovative ways in the exploitation and exploration of fossil fuel in the country.
“If we must continue to be relevant at the global stage, we must, in designing any regulation, put in focus how we can balance the energy base-load for Nigeria.
“This will ensure that we will not be left behind in the energy transition train while still harnessing our rich natural hydrocarbon reserves.”he added.
Similarly, the Chief Executive Officer of the NUPRC, Mr Gbenga Komolafe, explained that the forum had become a statutory prescription and a critical milestone in the implementation of the PIA.
He said that as a law-abiding agency, it was binding on the NUPRC to work expeditiously towards finalising the regulations for the upstream sector of oil and gas industry.
This, he said would help in keeping with specific timelines as provided in the PIA.
“Also, aside from the statutory imperative on the part of the commission to have the regulations finalised in time-specific manner, there is also the compelling need for us as a nation to conclude the regulation-making process for implementation of the PIA.
“This will ensure that the PIA is in full throttle and in a manner that will enable Nigeria hedge against the impact of energy transition while taking advantage of the oil and gas supply gap resulting from the current developments in Russia and Ukraine.” he said.h
The six draft regulations, Komolafe said, that would be review at the forum include: the Nigerian Upstream Fee and Rent Regulations, the Petroleum Licensing Round Regulations and the Domestic Gas Delivery Obligations Regulations.
Others are the Nigeria Conversion Regulations, the Nigeria Royalty Regulations and the Nigeria Host Community (Commission) Regulations
He said that the commission would carry out other similar stakeholders’ engagements in the course of the implementation of the PIA.
Still in the week under review, the NNPC Ltd. and its partners – TotalEnergies, China National Offshore Oil Corporation, Prime 130 and Sapetro inaugurated four projects in Cross River, Delta and Rivers in line with their Corporate Social Responsibility (CSR) policies.
The projects which include a maternal and child referral centre located in the University of Calabar Teaching Hospital (UCTH), Cross River, boreholes and water treatment plants at Ikiri, Rivers State, Warri in Delta State, and Odukpani, in Cross River, were all recently inaugurated and handed over to the beneficiary communities.
Speaking at the event, the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr Bala Wunti, said that the NNPC Ltd. was committed to the implementation of projects that guarantees sustainable development of its host communities.
“These projects were borne out of the need to mitigate the obvious gaps in healthcare, quality education, water, and women and youth empowerment as stipulated by the relevant Sustainable Development Goals (SDGs).
“NNPC and its partners are socially responsible organisations that are committed to improving the livelihood of the citizens of our great country,” Wunti said.
On his part, Managing Director, TotalEnergies upstream companies in Nigeria, Mr Mike Sangster, said that the projects were designed to reduce the negative impacts of the lack of qualitative and technical education.
Sangster said that the projects were also designed to reduce maternal and child health, access to clean water, and women and youth empowerment.
He also stated that the projects’ sites were carefully chosen for maximum impact, as derived from the needs’ assessment carried out prior to their conception and subsequent deployment.
“It is important to note that the implementation of these projects was achieved through the novel “Project Managers” approach.This approach which is new in the industry permits the delivery of projects in remote and challenging environments while ensuring the use of local expertise and stakeholder engagement" he add
The Governor, who was represented by the state Commissioner for Science and Technology, Jennifer Adesen-Efeviroro, applauded NNPC and SNEPCo for their intervention.
“An ICT Centre in the modern world has an immense economic significance and prudent application of the facility to research, teaching and learning would catalyse innovations that would stand the university out among its peers.
The Group General Manager of NAPIMS, Mr Bala Wunti described the project as a delight to NNPC.
Wunti noted that NNPC was committed to making significant impact in the lives of every Nigerian through the delivery of life enhancing projects as the ones being inaugurated.
“We are keen on touching lives in many positive ways and this intervention, like many others delivered through our partners, will go a long way in grooming Nigerian youths for the technological evolution in the world,” he said.
Represented by the Deputy Manager, External Affairs, NAPIMS, Mrs Edith Lawson, Wunti said that the ICT Centre would help create a pool of IT savvy professionals whose skills would be of high necessity and demand globally.
The ICT centre is equipped with 100 computers with licensed software, a WIFI lounge, computer laboratories, conference rooms, a lecture hall, office spaces and equipment rooms.
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