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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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Nigeria needs good regulatory frameworks for energy transition

Chevron's CEO, Kennedy


Nigeria would transiting effectively from fossils  to zero carbon fuel, once it has good regulatory frameworks in place, the Managing Director, Chevron Nigeria Limited, Mr Rick Kennedy has said. 

He said sound regulatory policies are key to implementation of oil, gas and electricity programmes globally, adding that Nigeria need it badly, if its wants to stimulate growth of the economy. 

Rick Kennedy stated this while delivering a special industry goodwill message at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos with the theme “Energy Transition, PIA, Petroleum Pricing and the Way Forward for the Downstream Sector”.

Represented by the company 's Manager, Communications,  Victor Anyaegbudike, Kennedy maintained that for Nigeria to sustain economic growth which has raised the quality of life for millions of people around the world, what is needed is a competitive environment to produce energy that is affordable, reliable and ever cleaner to enable human progress.

Global energy landscape, he noted, has experienced substantial changes over the years, with expectations of more changes in the future, stressing that Nigeria is endowed with the necessary requirements for a growing and sustainable energy industry which includes large hydrocarbon reserves (including abundant gas resources), a growing demand for energy, and a large population of young, talented human resources.

Kennedy said:  ‘’The passage and signing into law of the Petroleum Industry Act (“PIA”) is a major milestone in the reform of Nigeria’s oil and gas industry geared towards attracting investment and growth.’’

‘’Chevron recognizes the opportunity which the PIA represents, and fully support the necessary collaboration between the Nigerian National Petroleum Company Limited and stakeholders in the industry. The synergy is a good one, that is capable of recording succces in the Nigerian oil and gas industry.

According to him,  natural gas is an important fuel, which will play a critical role as the world seeks to lower its overall carbon footprints.

He said that CNL supports this key step towards helping utilize Nigeria’s vast natural gas resources for the benefit of the nation. We have reduced routine gas flaring by 95% in the past 10 years and we remain the highest supplier of high-quality gas to the domestic market among the international oil companies (IOCs).
He assured that CNL will continue to enhance gas utilization in Nigeria with focus on critical areas such as: Power generation to stimulate the growth of the manufacturing sector of the economy – signing of Gas Sale and Aggregation Agreements (“GSAAs”) with Egbin Power Plc and Olorunsogo Generation Company Limited, Fertilizers for local consumption to support large scale agriculture for export and local consumption – signing of a GSAA with Dangote Fertilizer Limited.

He said that Chevron remains committed to supporting programmes by professional bodies such as NAEC and the wider sphere of the journalism profession in Nigeria. ‘’We pioneered the Advanced Writing and Reporting Skills (AWARES) programme implemented in partnership with the Pan Atlantic University, Lagos. This programme has benefitted about 120 journalists since its inception in 2014. I encourage NAEC members to continue to demonstrate the ethos of your profession and ensure objectivity in reporting on the oil and gas industry in Nigeria. ‘’

Also,’’Chevron has been making significant investments in Nigeria for over 60 years. We believe that the future of energy is lower carbon and that with the right policies and regulatory framework, the enormous potential of Nigeria’s oil and gas industry can yield even greater benefits while enabling the transition to affordable, reliable, secure and ever-cleaner sources of energy.

Recall that Nigeria launched its decade of gas' s initiative under the theme: Towards a gas powered economy by 2030, which would work with the National Gas Expansion Programme, in order to increase gas production.

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