Skip to main content

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...

Africa Needs More FDIs To Drive Gas Sector's Growth- Says Aiboni



By Favour & Akinola Ajibade 


Nigeria, Angola, Ghana, Egypt and the remaining fifty countries in Africa require proactive steps to attract foreign direct investments (FDI), in the event they want to fully harness their gas potentials, the Managing Director,  Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni, has said. 

She spoke recently in Lagos, during the 2023 edition of the Nigerian Council of the Society of Petroleum Engineers. 

According to her, the sector does not have enough capital to drive its growth, stating that FDI is the way to go to harness the potentials in the gas industry. 

While referring to the recently published statistics from the United Nations Conference on Trade and Development, Alboni  said there was a decline of FDI, which has dropped from $80 billion in 2021 to about $45 billion in 2022, a development, which she said, has shown a worrying gap in investments in developing countries's efforts to achieve the Sustainable Development Goals (SDGs) by 2030.

According to her, measures, which include but not limited to provision of liberal trade and fiscal policies and a stable social, political and economic environment are needed in order to attract huge capital to the industry.

Aiboni 

Represented by SNEPCo Finance Manager, Tunde Oduwole, Alboni  said while Africa’s oil and gas sector promised opportunities for FDI, such capital would “preferentially go to countries with more stable macro-economic policy environment, low or moderate inflation, stable interest rates, stable or predictable exchange rates, easy access to foreign exchange and minimal capital controls.” 

Aiboni said the inflow of FDI has been impacted by global commitments to reducing greenhouse gas emissions and the drive by hydrocarbon resource-poor countries to reduce dependence on fossil fuels and accelerate the development of renewable energy.

“It is imminent now more than ever that oil and gas producing countries in Africa take actionable steps to create enabling environments, improve access to available capital pools, and attract the right skills and capabilities that could both meet the energy needs of our developing populations and position us strongly in a new energy landscape, she said.” 

Aiboni said Nigeria, despite having the largest proven gas reserves in Africa, could see gas demand outstripping gas supply by 2030 by at least three billion cubic feet per day, driven by estimated increase in population, dwindling infrastructure, security climate and access to energy. 

“This presents a potential opportunity for investment in gas infrastructure such as pipelines, processing facilities, and coastal LNG regasification to connect currently stranded gas reserves onshore and offshore with domestic industrial and commercial consumers at market reflective rates,” she pointed out.

She therefore advised Nigeria and other African countries to continue to improve on fiscal terms, the political climate, energy policies and contractual terms to make them attractive to investors and energy companies.

“We have done well, but we can do more with regionalisation and cross-border cooperation. Along with the roll-out of the African Continental Free Trade Area (AfCFTA), the development of sub-regional and regional gas and energy networks can help support better economies of scale and justify investments into infrastructure that work for the whole continent,” she added

 

Comments

Popular posts from this blog

Manufacturers Are Key To Nigeria's Economic Growth

By Favour Ifeoluwa & Akinola Ajibade  The Nigerian Economic Summit Group (NESG) says revitalisation of the manufacturing sector is key to the growth of the econnmy.  The group expressed this at a pre-summit webinar ahead of the 30th Nigerian Economic Summit, focusing on the theme:“Reversing the Decline: Strategies for Stabilising Nigeria’s Manufacturing Sector.” The event brought key stakeholders together to discuss on how to prevent decline in the manufacturing industry, by examining how current economic reforms impact the sector’s operations. Speaking,Dr. Muda Yusuf, Thematic Lead of the Manufacturing Group, Mr Musa Yusuf, who  represented Engr. Mansur Ahmed, Private Sector Co-Chair of the Manufacturing and Mining Policy Commission (MMPC) Steering Committee, highlighted the significant role of the manufacturing sector in Nigeria’s development. According to him,despite its potential, the manufacturing sector faces numerous challenges such as inadequate in...

NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further s...

Transcorp Appoints Christopher EzeafulukweAs Non-Executive Director

Favour Ifeoluwa & Akinola Ajibade  Transcorp Power Plc has strengthed its board with the appointment of Christopher Ezeafulukwe as a Non-Executive Director. This marked a significant change to its Board of Directors. The appointment, approved by the Nigerian Electricity Regulatory Commission, brings a wealth of experience and leadership to the company. Ezeafulukwe, a highly accomplished professional, has over 20 years of executive management experience across multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. His current role as Managing Director/CEO of Transcorp Energy Limited demonstrates his expertise in the energy sector. Prior to his current position, Ezeafulukwe held leadership roles at Abuja Electricity Distribution Plc and Transcorp Power Limited (now Transcorp Power Plc). He also served as Executive Director, Legal and Business Development, at Transnational Corporation Plc, showcasing his versatilit...