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...
Post a Comment

Eni To Oando: We Are Selling NOAC, If Plans Sail Through


By Favour & Akinola Ajibade


Eni Spa, yesterday, (Monday) said that it would sell Nigerian Agip Oil Company(NAOC) to Oando, a fastest growing Nigerian oil company, if all go according to plans. 

Eni, an Italian firm, said it has reach agreement with Oando issue, with both companies  expecting the deal to come into fruition soon. 

Oando is the leading Nigerian energy company listed on both the Nigerian Stock Exchange and Johannesburg, while  Nigerian Agip Oil Company Ltd, was a subsidiary of Eni and active in Nigeria in onshore hydrocarbon exploration and production and power generation.

In Nigeria, NAOC holds corporate interests in four onshore blocks namely OML 60, 61, 62, 63, which are being operated on behalf of the NAOC JV – operator NAOC Ltd 20%,Oando 20%, NNPC E&P Limited 60% -, in Okpai 1 and 2 power plants with an installed capacity of 960MW, and in two onshore exploration licenses – OPL 282 and OPL 135, 90% and 48%, respectively -, of which it is also operator.

The stake NAOC holds in SPDC JV – Shell Production Development Company Joint Venture – Shell operator 30 percent, TotalEnergies 10 percent, NAOC 5 percent, NNPC 55 percent – is outside the scope of the transaction and will remain in Eni’s portfolio.

The transaction is in line with Eni’s 2023-2026 Plan. “Upstream will complement core organic growth with high-profile portfolio assets, adding resources that will increase their value, while divesting assets that can offer greater value and opportunities to the new owners,” the company explained in a note.

The closing of the transaction is subject, inter alia, to the approval of all relevant local and regulatory authorities.

Eni trades in the green by 0.6 percent at EUR14.62 per share.

Comments

Post a Comment

Popular posts from this blog

ICPC Will Not Hesitate to Deal Oil Racketeers

By Favour & Akinola Ajibade Oil racketeers will henceforth face prosecution and subsequently sentenced to prison, in the event that the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stands by its decision to completely eradicate such activities in the country.  This happens as ICPC  secured a seven year conviction for  two fraudsters, Aso Adasa Morrison and Frank Biobarakuma recently.  The body in a statement signed by its spokesperson, Mrs. Azuka Ogugua and made available to the media, said the two suspects were first arraigned sometime in March 2013 before Hon. Justice B. A. Georgewill of Rivers State High Court 16 on a 17-count charge bordering on conspiracy, forgery and obtaining false pretence regarding transactions in crude oil in Nigeria  She said the court was informed of how the convicts and others at large between the month of March 2012 and February 2013 in Port Harcourt, fraudulently obtain...
Post a Comment
Read more

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g...
Post a Comment
Read more

'2023 will usher in robust oil industry, says independent producers

Pix depicting Nigeria's energy sector Favour Ajibade The Independent Petroleum Producers Group (IPPG),has said that Nigeria will experience positive changes across its  oil and gas value chain in  2023. Its Chairman, Mr. Abdulrazaq Isa, gave this predictions during the Group’s 2022 Annual Dinner in Eko Hotel and Suites, Lagos.  He said that the tangible effects of the Petroleum Industry Act  implementation, conclusion of this International Oil Companies IOC's divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come. According to him, the group has an important role to play going forward and as such are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demon...
Post a Comment
Read more