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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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NNPCL Calls For Collaborations Between Academia & the Sector

NNPCL' s CGMD, Kyari at the event.


By Favour Ifeoluwa & Akinola Ajibade 


The  Nigerian National Petroleum Company Limited (NNPC Ltd.) is seeking collaboration between between the academia and the Oil & Gas Industry in the order to enhance socio-economic growth in the country, its  Chief Group Managing  Director, Mr Mele Kolo Kyari made this known yesterday ( Wednesday). 

He said the development would help addressing the challenges of energy sufficiency and sustainability.

He said this  during the 2024 Faculty Lecture titled, “Energy Security, Sustainability and Profitability in Nigeria: Advances, Challenges and Opportunities,” organized by the Faculty of Science of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State. 

According to him, the partnership between the academia and the Oil&Gas sector would assist in safeguarding national energy security through research and collaboration with the industry.

The NNPC's helsman pointed out the problems facing the industry to include rapid population growth, pipeline vandalism, and crude oil thefh, arguing that they all contributed to energy insufficiency. 

He harped on the importance of finding solutions to energy insecurity in the country, stating that solving the projected rapid population growth would help the country a lot for the benefits both current and future generations.

He underscored the intensified competition for vital resources and urbanization drive, which would lead to a doubling of Nigeria’s energy demand by 2050.

On the challenges posed by pipeline vandalism and crude oil theft, the GCEO observed that the issues have impacted NNPC Ltd.’s operations, stressing that the establishment of a command-and-control center has aided the detection and destruction of illegal refinery sites, removal of illegal connections, thereby addressing vandalism across operating corridors since 2021.

“The centre provides livestreaming of surveillance data to security forces, contributing to the detection and destruction of over 5,686 Illegal Refinery (IR) sites and the removal of 4,480 Illegal Connections (ICs) from 2021 to the present,” the GCEO added.

Acknowledging the severity of vandalism and oil theft, Kyari hinted at a strategic shift, focusing on increased products trucking and storage in underground tankages at NNPC filling stations nationwide.

He highlighted NNPC Ltd.’s expanded retail assets, making it the largest single downstream company in sub-Saharan Africa after acquiring OVH retail stations and associated downstream infrastructure in 2021.

 

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