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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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Generation companies are owed N1.75 tr, says APGC

Power generation plant 

By Akinola Ajibade


Electricity generating companies are currently  owed about N1.7 trillion, the Executive Secretary, Association of Power Generation Companies,(APGC), Dr Joy Ogaji has said.

She said the companies are owing gas suppliers about N1trillion and banks N700bilion( loans servicing) totalling N1.7trillion since 2013.

Speaking, yesterday in Lagos, during the panel session at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference, Ogaji said that liquidity and gas are impediments to the operation in the generation value chain in Nigeria.

She stated that the power generation companies are still servicing loans used in acquiring the  defunct assets of the Power Holding Company of Nigeria(PHCN) , adding that the sub-sector is facing a myriad of operational problems.

Ogaji

She urged the Nigerian Bulk Electricity Trading Company (NBET) to intensify efforts to ensure remittances by the 11 electricity Distribution Companies for energy consumed by their customers.

According to her, GenCos are are ready to generate the power needed in Nigeria, adding that utilisation had been stagnated in the country for a long time due to transmission and distribution constraints.”

“Just to give you a context, on Nov.1, 2013, when the privatisation took place, power was 3,427MW on the day of takeover. On Dec. 1, 2013, power had gone from 3,427MW to over 4,003MW and by 2020 it had gone up to nearly 8,000MW,” she said.

She lamented that the average uptake of power from the GenCos was about 4,000MWh from 2013 till date which was not good for business.

The development, she said, is discouraging investors from investing in the country, as well as affecting the growth of the economy.

She said that producers are not incentivised to produce, due to declining level of their products.

Insufficient foreign exchange ( forex), Ogaji explained, is a big challenge in the industry, a development, which has constrained the operations of the companies in recent times.

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