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 Minister of State for Petroleum Resources, Chief Timpreye Sylva says Nigeria has lost about $ 50 billion worth of investment, while waiting for the passage of Petroleum Industry Act(PIA) by the National Assembly.
He spoke during the unveiling of the Nigerian National Petroleum Company ( NNPC) Limited in Abuja.
He said the unveiling of NNPC Limited has marked a new dawn in the quest for growth and development in the industry, even though the country has lost about $50 billion worth of investments so far.
He said: " Between 2015 and 2017, KPMG said that only 4 per cent of the $70 billion investment inflows into Africa's oil and gas industry came to Nigeria, even though the country is the continent's biggest producer and largest reserves.
Adding that: "We are setting all these woes behind us and a clear path for the survival and growth of our petroleum industry is now before us.
Meanwhile, the National Oil Company ( NOC) also known as Nigerian National Petroleum Company ( NNPC) Limited, is planning to build 950 retail outlets in five months, as part of the company's expansion plan before 2023.
According to NNPC' s Group Managing Director, Mallam Mele Kele Kyari, the company had adopted a strategic initiative to achieve the mandate of energy security for the country.
Kyari, who spoke on Tuesday during the unveiling of the company, assured stakeholders and the global energy community that the new company was endowed with the best human resources one can find anywhere in the industry.
‘‘NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,’’ he said.
On his part, the Minister of State for Petroleum Resources, Timipre Sylva, said that with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, thndustry is no longer rudderless.
‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.
‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before
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