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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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Reps- Govt: Expedite actions on Rida Basin

Reps during a sitting 

By Akinola Ajibade


The Federal Government should try and expedite actions on the planned exploration of hydrocarbon (crude oil) deposit in the Bida Basin, the House of Representatives, has said.
The House also advised three of the nation's oil institutions namely the Federal Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company (NNPC) Limited to conclude the geophysical survey that the defunct Department of Petroleum Resources (DPR) started in order to ascertain the availability of hydro-carbon in commercial quantity in Bida Basin.
This is sequel to the consideration and adoption of a motion on notice on the ‘Need to Fast-Track Geo-Physical Survey/Seismic Data Acquisition to Ascertain availability of
Hydro-Carbon in Commercial Quantity in the Bida Basin,’ brought by Hon. Saidu Musa Abdullahi, member representing Bida/Gbajo/Kacha federal constituency of Niger State.
Presenting the motion,the lawmaker noted that “the Bida Basin also known as the Mid-Niger Basin comprises of eight Local Government Areas including Mokwa, Lavun, Gbako, Bida, Katcha, Agaie, Edati and Lapai in the Southern part of Niger State which extends to two Local Government Areas in Kwara State and one in Kogi State.
“The Group Managing Director (GMD) of Nigerian National Petroleum Company Limited (NNPCL) during a visit to the Executive Governor of Niger State, His Excellency, Alhaji Abubakar Sani Bello to unveil the 2D Seismic Data Acquisition in the Bida Basin in 2020, announced that the NNPCL had commenced oil exploration activities in the Area and that the exploration could add 40 billion Barrels to Nigeria’s oil reserves by 2023.
“The Group Managing Director of Nigerian National Petroleum Company Limited is responsible for the Frontier Exploration Services in 2020 noted that in-depth Geo-logical and Geochemical studies revealed a strong presence of hydrocarbon-bearing indicators confirmed as oil and gas-bearing formations.
“The seismic data acquisition contract on the identified areas to determine the volume of the hydrocarbons in the Bida Basin was awarded to Integrated Data Services Limited and the China National Petroleum Corporation International Nigeria Limited by the NNPCL management.
“The discovery of oil in another region of Nigeria is good news for the country’s
energy sector and that if the volume of oil in the Bida Basin is established and exploration activities commence fully, Nigeria may, in the near future, overtake Libya, the country with the largest oil reserve in Africa.
“Expectant that the Federal Ministry of Petroleum Resources and its relevant Agencies would expedite action for the continuation of the oil exploration activities at the Bida Basin Niger State and other Basins in the country.
“President Muhammadu Buhari has directed the NNPC Management to fast-track oil exploration across the Country, following Shell’s discovery of hydrocarbons in the Chad Basin and Kolmani River, while the NNPC heeded President Buhari’s directive on the Chad Basin as the people of Niger State are anxious about the slow pace of oil exploration activities in the Bida Basin,” he noted.
The House  mandated the committees on Petroleum Resources (Upstream) and Legislative Compliance to ensure compliance.

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