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...
progress on the refinery site, urging the contractors to reach out for any help they might require.
In his comments, the Executive Vice President, Downstream of the NNPC, Adeyemi Adetunji, said the event marked a milestone in the history of KRPC considering that the last Turn Around Maintenance (TAM) on the refinery occurred about 15 years ago.
He stated the project was framed after extensive engagement with Daewoo on the quick-fix strategy to repair and re-stream KRPC and operate it on a sustainable basis at a minimum capacity utilization of 60 percent.
“This project shall be executed in three work packages as a maintenance services contract by Daewoo E&C Nigeria Limited at an estimated maximum cost ceiling with a duration of 21 months.
“The quick-fix strategy guarantees the fastest route to re-streaming WRPC and KRPC for in-country production of refined petroleum products.
But reacting to this development, Kunle Olubiyo, President of the group, Nigeria Consumer Protection Network in a statement made available to Business Standards Saturday, described the deal as mischievous, misdirected and outright waste of public funds.
According to him, the former Minister of state for Petroleum Resources, Ibe Kachukwu,in 2015 invited the original companies that built the Kaduna Refinery, Warri Refinery and Port Harcourt Refinery with a view to resuscitating and guaranteeing supply that would meet up the 50% domestic obligations in line with OPEC benchmarks..
The project, he said turned out to be a huge gimmick and failure.
He reasoned that NNPC pre-enactments of the Petroleum Industry Act was not envisaged to be a market competitor or market player that would help sustain market monopoly.
He added that the NNPC has failed Nigerians and the entire nation woefully.
“The NNPC is simply trying to cash out and mop up funds. It should have waited for the incoming administration to take a decision on that.
“NNPC as it were and in its present forms is a total economic failure and has let Nigerians down. We had expected NNPC to bury its head/face in shame. This is an insult and abuse of the sensibility and sensibility of the public, citizenry, and Nigerians as a whole. This is outright irresponsibility.
“For over 15 years, NNPCL has remained unproductive, increasingly expanding over bloated worker force. It has remained a parasitic drain in the Nation’s Well being and scarce resources, It has increased the cost of funding its over-bloated bureaucracies and a clog in the wheel of progress in the post-Petroleum Industry Act energy ecosystem”.
He implored President Muhammadu Buhari to issue a presidential directive to NNPCL to reverse itself on the maintenance contract in the overall public interest.
In his comments, the Executive Vice President, Downstream of the NNPC, Adeyemi Adetunji, said the event marked a milestone in the history of KRPC considering that the last Turn Around Maintenance (TAM) on the refinery occurred about 15 years ago.
He stated the project was framed after extensive engagement with Daewoo on the quick-fix strategy to repair and re-stream KRPC and operate it on a sustainable basis at a minimum capacity utilization of 60 percent.
“This project shall be executed in three work packages as a maintenance services contract by Daewoo E&C Nigeria Limited at an estimated maximum cost ceiling with a duration of 21 months.
“The quick-fix strategy guarantees the fastest route to re-streaming WRPC and KRPC for in-country production of refined petroleum products.
But reacting to this development, Kunle Olubiyo, President of the group, Nigeria Consumer Protection Network in a statement made available to Business Standards Saturday, described the deal as mischievous, misdirected and outright waste of public funds.
According to him, the former Minister of state for Petroleum Resources, Ibe Kachukwu,in 2015 invited the original companies that built the Kaduna Refinery, Warri Refinery and Port Harcourt Refinery with a view to resuscitating and guaranteeing supply that would meet up the 50% domestic obligations in line with OPEC benchmarks..
The project, he said turned out to be a huge gimmick and failure.
He reasoned that NNPC pre-enactments of the Petroleum Industry Act was not envisaged to be a market competitor or market player that would help sustain market monopoly.
He added that the NNPC has failed Nigerians and the entire nation woefully.
“The NNPC is simply trying to cash out and mop up funds. It should have waited for the incoming administration to take a decision on that.
“NNPC as it were and in its present forms is a total economic failure and has let Nigerians down. We had expected NNPC to bury its head/face in shame. This is an insult and abuse of the sensibility and sensibility of the public, citizenry, and Nigerians as a whole. This is outright irresponsibility.
“For over 15 years, NNPCL has remained unproductive, increasingly expanding over bloated worker force. It has remained a parasitic drain in the Nation’s Well being and scarce resources, It has increased the cost of funding its over-bloated bureaucracies and a clog in the wheel of progress in the post-Petroleum Industry Act energy ecosystem”.
He implored President Muhammadu Buhari to issue a presidential directive to NNPCL to reverse itself on the maintenance contract in the overall public interest.
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