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...
Above: Osifo Below: Drums of stolen crude oil
By Favour Ajibade
Oil workers are organising rally against crude oil theft nationwide, with a view to help tackle the illicit act, which has left in its wake both economic and environmental effects on Nigeria.
The workers, under the aegis of Petroleum and Senior Natural Gas Association of Nigeria, are leveraging on the rally to drum up more supports against crude oil theft , which is having delibitating effects on the government's earnings, as well produ of crude oil.
This happens as the government recently took some measures to tackle the menace. These include engagement of security agencies to guard the pipelines, regulatory bodies and captains of industry to help tackle incidence of crude thefts through policies and among other intervention programmes.
According to the PENGASSAN's President, Comrade Festus Osifo, $1billion worth of oil is shut in on daily basis, as a result of crude theft.
While engaging journalists in Abuja, Osifo said that the union has reworked its strategy on the fight against crude oil theft, having realised it has achieved the desired goals on the issue.
He said that Nigeria barely struggled to produce just one million barrels per day out of the 1.8 million barrels per day given it by the Organisation of Petroleum Exporting Countries (OPEC).
He lamented that the country is still broke, despite the about $100 oil price per barrel for months.
He stated: " As a country, we are still burrowing to fund to our appropriations. This year alone, the government has burrowed over MY trillion to N7 trillion to finance our budget."
The PENGASSAN president said if there was no crude oil theft and Nigeria was able to produce up to 1.9 million barrels per day, there would be no need to go for external and local borrowings to the extent that the manufacturing sector could no longer borrow from the banks.
He noted that PENGASSAN could no longer fold its arms after the failure of office consultations, adding that rallies would begin nationwide across the four zones today, and they would be tagged, “Chasing Oil Thieves and Vandals Out of Business.”
The oil workers’ chief explained that it was not going to be a one-off activity, but a continuous exercise, until the government acts to stop the vandals and oil thieves.
He stated that even oil companies struggling to produce got as little as two percent of what they pump in from the other end of the terminals, resulting in only the production of water sometimes.
“So from tomorrow (today), we are going to embark on these rallies. We are going to call government to action,” he stated.
Recall that the government recently renewed the deployment of security personnel, real time monitoring of activities around the pipelines, the handling over of N4 billion monthly surveillance contract to ex- militant, Government Ekpemupolo, among other initiatives taken to check crude oil theft.
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