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
The President, Major General, Muhammadu Buhari( retd) has received reports on Oil Theft and Losses in Nigeria.
The report is titled ''Special Investigative Panel on Oil Theft and Losses'' was submitted to the President, through the National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno.
Speaking on the issue, the Head, Strategic Communication, Office of the National Security Adviser (ONSA), Mr Zakari Usman said in a statement obtained by News Mirror, said the Federal Governments will fast track the implementation of the reports in view of the problems, which the issue has caused Nigeria
He said that members of the panel are drawn from key stakeholders within and outside the oil and gas industry, state governments, ministries, departments and agencies; security agencies; regulatory agencies; international and indigenous oil companies; traditional institutions; host communities; artisanal refiners; among others.
Zakari, quoted the statement, as saying that members of the panel have received and reviewed several memoranda and reports on oil theft and losses in order to enable them discharge their responsiblilities effectively.
The statement added: “The panel discovered several layers of involvement in the illegal theft of crude oil despite the best efforts of the Armed Forces and other security agencies to combat the activities of the oil thieves.
“The panel also observed that crude oil losses arose from a lack of proper reporting of crude oil production; illegal refining; theft from wellheads; and diversion from sophisticated pipelines network. The panel also attributed losses to the absence of a robust industry-wide metering system; and an unworkable security arrangement.
“The confusing roles of regulatory agencies was also cited as being responsible for making the detection of theft/losses difficult.”
Submitting the report, the chairman of the investigative panel, retired Maj.-Gen. Barry Ndiomu, called for quick implementation of the report and asserted that if the government implements the recommendations in the report, oil theft and osses would be adequately addressed.
He also said prompt implementation of the report would not only create an immediate impact on crude oil production levels to meet OPEC’s quota but would also attract foreign direct investment and serve Nigeria’s economic and national security concerns.
NSA Monguno,who received the report, thanked the panel for keeping to the timeframe and for addressing the issues of oil theft and losses in detail.
He assured that government would study the report and see to its immediate implementation, especially the recommendations with short-term perspectives.
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