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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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NEITI/ National Assembly recover N2.6trn for Govt


Above: NEITI  logo       Below: Ogbonanya


By Akinola Ajibade


The Nigerian Exractive Industries Transparency Initiative (NEITI) and the National Assembly have  helped Federal Government to recover N2.6trillion from oil and gas companies, its Executive Secretary, Dr Orji Ogbonanya,

He said this at a Civil Society Engagement on Extractive Industries Transparency Initiative (EITI) Validation programme in Abuja.

He, however, noted that $2.6 billion remain outstanding as at March 2022, adding that NEITI is prepared to collaborate with Economic and Financial Crimes Commission (EFCC) and other anti graft agencies to ensure the government recover the rest of the funds.

The agency, Ogbonanya, swung into action to prepare Nigeria for global governance assessment exercise in oil, gas and mining sectors come February 2023.

According to him, the validation Committee is made up of the NSWG with the Secretariat currently providing technical support, while Shadow Validation Committee is expected to critically review progress made by the Validation Committee, identifying gaps and advising on maximizing opportunities.

He said: “To ensure adequate preparation and stakeholders feedbacks beyond, NEITI is commenced national sensitization to deepen stakeholders understanding of EITI process and validation exercise at sub-national level.

“Nigeria through NEITI is therefore ready to show case outstanding accomplishments which the EITI implementation has made possible in Nigeria’s extractive sector reform.We call these achievements EITI/NEITI milestones in Nigeria”.

Others, NEITI's Boss, said include PIA Presidential Steering Committee on PIA implementation; The unbundling of NNPC; NNPC becoming EITI supporting company NNPC is publishing Annual Financial Reports; Emergence of two strong Regulators – FIRS, NUPRC, Nigeria Midstream and Downstream regulatory Authority – (NMDRA)strong civil society cooperation and partnership based on MoU among others.

Ogbonanya stressed that a  validation team from EITI international Secretariat will be in Nigeria from 10th – 18th November 2022 to conduct assessment of Nigeria’s readiness for the exercise

He noted that while in the country, the validation team may choose to consult or interact with stakeholders including media and civil society.

“The exercise is expected to formally commence in January 2023, beginning with the review of completed Validation templates that will be submitted to the global body by the NEITI board/management. The EITI Secretariat will also review other relevant documents (online/offline) on EITI implementation in Nigeria”.

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