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...
Favour Ajibade
The Independent Petroleum Producers Group (IPPG),has said that Nigeria will experience positive changes across its oil and gas value chain in 2023.
Its Chairman, Mr. Abdulrazaq Isa, gave this predictions during the Group’s 2022 Annual Dinner in Eko Hotel and Suites, Lagos.
He said that the tangible effects of the Petroleum Industry Act implementation, conclusion of this International Oil Companies IOC's divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come.
According to him, the group has an important role to play going forward and as such are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demonstrated financial and technical capability to develop the country’s hydrocarbon resources, with proven appetite for supporting the Government’s energy security vision through building a broader value-adding midstream and downstream businesses.
He said: " “It is therefore imperative that our advocacy effort in 2023 should be focused on creating collective support and deliberate collaboration with the Government, Industry Regulators and Nigerian Financial institutions, working in concert, to optimise the numerous growth opportunities available across the industry”.
The group’ s priority, Isa said, as an industry, in the short to medium term, “is be to rapidly exploit our hydrocarbon assets for the socio-economic transformation of our country
He said IPPG will continue to work closely with the government to achieve all its aspirations for the industry which is primarily centred on energy availability, affordability and security for all Nigerians now and in the coming years”.
He assured that the group will continue to partner with relevant industry stakeholders towards the growth and development of the Nigerian oil and gas industry.
“The Nigerian oil and gas industry has evolved over the last two years with the enactment of the Petroleum Industry Act, large IOC divestment announcements, and Nigeria’s commitment to 2060 net-zero aspirations. This means that a holistic re-positioning of our industry has become necessary”, Isa said.
He commended the two industry regulators, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), for their diligent implementation of the Petroleum Industry Act (PIA) and their adopted approach of engaging all stakeholders in this regards.i
Also, the Group Chief Executive Officer of Guaranty Trust Holding Company PLC, Mr Segun Agbbaje, said the sector requires huge funding for growth in the years ahead.
In his presentation titled: "The Outlook for Financing the Energy Sector in Nigeria in the Light of the Energy Transition” said that proper finance is key to the industry's growth.
He also offered insights on how to ensure sustainable financing solutions for the development of the nation’s hydrocarbon resources are defined.
Since the establishment of IPPG in 2015, the Group has achieved remarkable growth and remained focused on working with stakeholders for the development of the oil and gas industry for the benefit of the country.
IPPG is a twenty-seven-member association of Nigerian indigenous upstream Exploration and Production companies that constructively engages government and other industry stakeholders on issues affecting the industry with a view to realising a sustainable petroleum industry and maximize its contribution to the socio-economic development of N
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