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 Favour & Akinola Ajibade
The Executive Secretary, Nigerian Content Development and Monitoring Board(NCDMB), will lead discussion at the 2023 edition of the
National Conference on Building Local Content Synergy organised by STANMEG in Lagos.
Billed to hold on Thursday, July 20th at the Sheraton Hotels, Ikeja, Lagos, the event will witness the convergence of key stakeholders and regulatory agencies in the Nigerian Oil and Gas/ Insurance Sector, who would brainstorm on the benefits and challenges in the industry, as well as providing measures on how to implement the Nigerian Oil and Gas Industry Content Development ( NOGICD) Act, particularly sections 49 and 50, which deal with insurance and oil and gas activities.
Coming with the theme and sub-theme standing as Building Local Content Synergy Between the Oil and Gas and the Insurance Sectors respectively, the conference comes with various discussions and panels.
One of the key discussants expected to do justice to the topic is Mr Wabote, the Executive Secretary, NCDMB.
Recall that NCDMB and the NAICOM leadership headed by the duo of Commissioner for Insurance and NCDMB's Secretary, Messrs Sunday Thomas and Wabote signed insurance services guideline recently in Yenogoa. This obliges the oil and gas industry to patronize the local insurance sector.
The Executive Secretary of the NCDMB, at the ceremony stated that the provisions of sections 49 and 50 of the NOGICD Act require all operators engaged in any form of activity or project in the Oil and Gas industry to insure all insurable risks related to its oil and gas business with an insurance company, through an insurance broker registered in Nigeria.
He stressed further that the Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM before the issuance of the approval must ascertain that local capacity has been fully exhausted.
He also reiterated that the Insurance guideline will strengthen the Board’s local content drive and ensure that a greater portion of the spend in the Insurance industry as it relates to oil and gas activities in Nigeria is retained in-country.
It is based on this that STANMEG Communications, Publishers of Oriental News Nigeria Online, along with its partners has taken up the initiative to create a national platform that will bring operators in the two sectors together to broaden discussion and conversation around the key sections of the Act, identify challenges, opportunities and build stronger synergy to promote local content in the insurance sector.
According to the conference organizers, partners have designed a theme that centers on the possible outcome of the implementation of the Act as it concerns the insurance industry.
Comments
Post a Comment