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...
By Akinola Ajibade
Stakeholders in the nation's energy sector yesterday gathered together to brainstorm on the challenges facing the oil and gas operations in Africa and at the same time, proffered solution to them.
The operators, who were drawn from the Nigerian Petroleum Downstream Industry and African Refiners and Distributors Association (ARDA) at a virtual meeting, agreed that the industry in Nigeria and beyond needs to put in place effective risk management and deregulation programmes in order to have a highly profitable and vibrant industry.
Deregulation and liberalised petroleum sector, they said are key to its development and the economy in particular.
Other benefits, according to the virtual workshop moderated by the Major Oil Marketers Association of Nigeria ( MOMAN) Chairman, Mr Olumide Adeosun, are a robust participation of all players in the energy industry and a strengthening economy.
The Nigerian Petroleum Downstream Industry abs and African Refiners abs and Distributors Association ( ARDA) organised the workshop.
According to the participants, there must be effective change management, communication and stakeholder engagement must be provided in order to speed up the growth of the oil and gas sector.
Proactive planning and implementation of gas incentives, the participants said, must be encouraged, as the whole world is transiting from fossil fuels to zero-carbon.
On risk management and regulations, the petroleum sector needs to take them into consideration, as they remain viable ways of strengthening the economy.
" The immediate need to consistently limit and mitigate against supply gaps and price volatility, related to exposure to international markets, and winning public support was emphasized. The importance of promoting best practices in Health, Security, Safety, Environment, and Quality (HSSEQ), embracing automation and technology, managing customer expectations. These strategies are essential for maintaining the industry’s competitiveness and resilience", they added.
Subsidy removal, the participants said, would bring about the desired gains, once it is effectively managed and potential pitfalls and strategies to mitigate them are provided by industry players.
The stakeholders added that there is the utmost needs to Iidentifying pitfalls and mitigation strategies are crucial to the development of the oil industry. There should be implementation of appropriate palliatives for public transportation and the transportation of agricultural produce as we journey towards full deregulation, improving access to foreign exchange and trade finance, ensuring strategic stock, and providing access to crude oil for refineries.
Lastly, stakeholders said that there that should be regular collaboration, engagements and communication with them, in order to foster industry growth.
They further said that Issues such as connecting and positioning of Nigeria as the regional refining hub, and fostering relationships with international service providers, including rating agencies, finance and governance institutions, and aligning with the goals of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP),
Comments
Post a Comment