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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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' 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.”


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