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 Ifeoluwa & Akinola Ajibade
The Federal Government will continue to subsidize electricity tariffs, until the time that its convinced of incremental power supply in Nigeria, the Minister of Power, Adebayo Adelabu, has said.
He spoke during a parley with the Power Correspondents in Abuja..
According to him, tariffs would have been increased months back, had it been that President Ahmed Bola Tinubu did approved the increment.
He said that the time is not yet ripe for the implementation of cost reflective tariffs in Nigeria, adding that he does not believe that privatization of the power sector assets infrastructures was the way to go.
He declared that commercialisation could have been better as the required huge financial investment outlay which the private sector may be afford, or may not be willing to commit because its long term returns yields.
The government, Adelabu said, may need to review the structures of DisCos with regards to streamlining the areas of coverages which the Minister observed are too large for each of the DisCos to manage effectively.
He said he took time to study the sector with a view to finding out why his predecessors who brilliant in all sense, failed short of delivering to the expectations of Nigerian.
According to him, previous Minister’s of power did not actualize their plans of improving power situations of the country because they approached the issues of solving the power problem from top to down, stressing that in his tenure the reverse would be the case as he intends to tackle it from down to top.
He described as shameful the fact that Nigeria has stagnated around 4000MW generation over the last years, and disclosed that plans have been concluded to organize a Power Sector Retreat between 12th and 14th December 2023, which shall produce a workable Roadmap for the sector.
He said that Nigeria generate upward of about 50,000MW of electricity, but 95 percent of it is through combined diesel and petrol home generators, adding that the people would not have problem with tariffs increase so long as there is incremental power supply.
He implored states to take advantage of the reformed power sector Act and invest in distribution companies within their states, utilizing existing power lines instead of creating entirely new power infrastructures.
Comments
Post a Comment