Skip to main content

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...
Post a Comment

Lagos Port will generate $ 201b for Federal / Lagos govt.

By Akinola Ajibade

Lekki Seep. Sea Port will provide a total revenue of over $ 201 billion in 45 years for Federal and Lagos state governments when it is operational,  the Minister of IInformation, and Culture, Lai  Mohammed has said 

The Port will generate revenues in firm of taxes and royalties to the Federal and stare government respectively 

He stated this in Lagos when he undertook a tour of the $1.53 billion mega recently.

He was accompanied by heads of parastatals under the Ministry of Transportation on the tour.

According to him, the quality of work done at the Port is great,assuring that the port would become operational in the last quarter of 2022.

He said when the Port is fully operational, it would  create 169,972 jobs in addition to the $201 billion that will be generated to Lagos State and the Federal Government through taxes, royalties and duties. The direct and induced business revenue impact is estimated at $158 billion in addition to a qualitative impact on the manufacturing, trade and commercial services sector.

Describing the project as a game-changer, the Minister added that the port boasts of $800 million on construction alone, stressing that the aggregate impact has been put at $361 billion in 45 years, which will be over 200 times the cost of building it.

“When it begins operation in the last quarter of this year, it will make it possible for Nigeria to regain the maritime business that was lost to ports in Togo, Cote d’Ivoire and Ghana. It is also a big boost to Nigeria in its quest to take advantage of the implementation of the African Continental Free Trade Agreement (AfCFTA).

“A major advantage we have to leverage is transhipment. With this port, Nigeria will become a transhipment hub and the revenue we are currently losing to our neighbouring countries will come here,” he said.

Phase one of the project, according to Lai Mohammed, has reached 89 percent completion, assuring that it will hit the 100 percent mark in September this year.

“The project is self-sufficient in required electricity. It is now ready to generate up to 10 megawatts and the total capacity is 16 megawatts,” he said.

The Minister appealed to newsmen to report positive developments in Nigeria rather than negativities that portray the country in a bad light.

“I want to appeal to our colleagues in the media to play up these developmental efforts instead of concentrating energy on negativity. Let the world know that Nigeria is not all about kidnapping, terrorism and banditry. It is also about massive developments that are unprecedented,” he added.

 



Comments

Post a Comment

Popular posts from this blog

ICPC Will Not Hesitate to Deal Oil Racketeers

By Favour & Akinola Ajibade Oil racketeers will henceforth face prosecution and subsequently sentenced to prison, in the event that the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stands by its decision to completely eradicate such activities in the country.  This happens as ICPC  secured a seven year conviction for  two fraudsters, Aso Adasa Morrison and Frank Biobarakuma recently.  The body in a statement signed by its spokesperson, Mrs. Azuka Ogugua and made available to the media, said the two suspects were first arraigned sometime in March 2013 before Hon. Justice B. A. Georgewill of Rivers State High Court 16 on a 17-count charge bordering on conspiracy, forgery and obtaining false pretence regarding transactions in crude oil in Nigeria  She said the court was informed of how the convicts and others at large between the month of March 2012 and February 2013 in Port Harcourt, fraudulently obtain...
Post a Comment
Read more

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g...
Post a Comment
Read more

'2023 will usher in robust oil industry, says independent producers

Pix depicting Nigeria's energy sector Favour Ajibade The Independent Petroleum Producers Group (IPPG),has said that Nigeria will experience positive changes across its  oil and gas value chain in  2023. Its Chairman, Mr. Abdulrazaq Isa, gave this predictions during the Group’s 2022 Annual Dinner in Eko Hotel and Suites, Lagos.  He said that the tangible effects of the Petroleum Industry Act  implementation, conclusion of this International Oil Companies IOC's divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come. According to him, the group has an important role to play going forward and as such are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demon...
Post a Comment
Read more