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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...
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National Assembly To NEITI: Prosecution Of Offenders In Oil & Gas Industry Underway

By Favour Ifeoluwa & Akinola Ajibade

The Nigerian Extractive Industry Transparency Initiative(NEITI) will start prosecution of offenders in the industry soon, if the plans of the National Assembly is anything to go by.
The Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, gave this indication during a discussion with the  officials of the agency recently. 
According to him, the parliament, in accordance with the  directives of the Senate, is working to  t review NEITI Act, with a view to grant the agency  powers to implement the findings of its investigation, and possibly execute the recommendations of their report. 
He added that 70 lawmakers have consented to co-sponsor legislative instruments to realize this objective. F
He said: “We are considering granting NEITI powers to prosecute those found to be in breach of extant laws.We are also considering strengthening the governance structure of NEITI, placing more emphasis on crucial disclosure requirements of NEITI especially as it relates to contract transparency and beneficial ownership.
“We are also looking at independent funding for NEITI, timely review and action on reports by the National Assembly, among others.  We are also working with sister Petroleum/Oil and Gas Committees with a view to ascertaining those who operate extractive industries in Nigeria, so as to deepen transparency and public oversight of the industries through the house.
“We also seek to pursue the recovery of public funds that were either mismanaged, wasted or yet to be remitted from the extractive industries.
“It is also our desire to ensure that there is accountability on the part of state-owned extractive industries, so as to ensure that greater value and revenue is derived from the sector for the good of the nation and to foster a sustainable energy transition. “
The Deputy Head of the International Secretariat of NEITI, Bady Balde, who was  part of the NEITI  delegation,  stressed the need for a  review of the NEITI Act 2007, to ensure that it conforms with current realities.
The Executive Secretary of the agency,  Ogbonnaya Orji, said that the agency has conducted a lot of investigations, adding however  that “reports are just documents except they are implemented.”

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