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

' NAPE is ready to lead a discourse on divestments'

By Akinola Ajibade


The Nigerian Association of Petroleum Explorationist (NAPE) is set to lead a discourse on divestments in the local oil and gas sector. 

The  discourse, which would take place in Lagos, aimed at enabling oil block buyers and sellers see the opportunities in the issue  divestments in the industry and how they can take advantage of it for growth.

According to the group, in a statement made available to News Mirror, the discourse, would help in opening opportunities for stakeholders, local players, operators, servicing companies and upstream to midstream to downstream infrastructure owners.

The theme is:  ‘The Big Sale: Opportunities in the Nigerian Oil & Gas Industry from Assets Divestments, the workshop is slated for Lagos, Nigeria’s commercial capital.

Special guest presentation will be delivered by Engr Gbenga Komolafe, the Chief Executive officer, Nigerian Upstream Petroleum Regulatory Commission ( NUPRC). Also  expected to speak at the workshop are Dr Austin Avuru, Executive Chairman, AA Holdings; Mr George Osahon,FNAPE; Chairman, Energie, Mr Chike Nwosu; Chief Executive officer, Waltersmith Petroman Oil Limited, Mrs Ireti Samuel - Ogbu and others captains in the industry. 

“In the last 15 years, there have been multiple divestments of oil and gas assets in Nigeria’s onshore and shallow offshore area. And the scale of these divestments is larger and are more frequent. Several conversations and engagements have focused on ‘why divestment?’.



“However, there is a need to discuss the possible benefits of divestment to all stakeholders,’ the statement signed by Dr James Edet, and Tunbosun Afolayan, President and Publicity Secretary respdctfully, read.

“Globally, the oil & gas industry is undergoing an accelerated evolution to respond to the world’s growing demand for cheaper, cleaner, and sustainable energy. Nigeria is not exempt from these substantial considerations; however, the 70-year-old Nigeria oil & gas upstream industry is going through additional significant transformations that are completely changing its business landscape. These transformations are driven primarily by the passing into law of the ‘Petroleum industry Act’, asset divestments and insecurities of critical upstream facilities.

“The workshop gathers critical stakeholders, decision makers and eminent speakers of the Nigerian oil & gas industry to discuss opportunities, barriers, and solutions to challenges to harness the opportunities in the Nigerian oil & gas divestments.

“There are focused presentations to be delivered on the following topics: Divestment opportunities and the challenges of insecurity, crude theft, and asset decommissioning; Funding challenges, divestment strategies and incentives; PIA the new laws and policies; regulator’s role in divestments,” the statement read.

“The event will also feature a moderated 6-man panel session on the main theme of the workshop to discuss along the following themes and considerations:

“Opportunities from divestment for local players, operators, servicing companies and upstream to midstream infrastructure owners.

“Solutions to key barriers, challenges, and issues that prevent access to divestment opportunities. And, Implication of Divestment on National Revenue, Community Engagement and Local content.”


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