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
Minister of State Petroleum Resources (Gas) , Ekperico Ekpo says promotion and collaboration among stakeholders in the nation's oil and gas industry is inevitable, if the sector would achieve meaningful growth.
He spoke as a guest at the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Eko Le Meridan Hotel, Lagos.
According to him, the event is significant for the sector especially at a period when energy transition and security is at the top of the minds of stakeholders of the industry. “Let me start by expressing my deepest appreciation to the organizers of this conference for continuously promoting ideas and collaboration among African oil and gas players. In Nigeria, gas is not just a transition fuel but it is strategic to achieving a more secured energy future and as a catalyst for other national development goals.”
Expo explained further that the Ministry of Petroleum Resources has identified finance and Investment in infrastructure as critical to the development of the Gas sector. As part of the tools to address this problem, the Midstream and Downstream Gas Infrastructure Fund was put in place to enable Government make equity investment in Gas Infrastructure.
“As we gather to harness ideas to develop our energy sector, let us not forget the various incentives put in place by the Government to encourage the Gas Sector development. These include 3 years tax waivers for Companies that build and operate gas pipelines, and could be extended to 5 years at the satisfaction of the Ministry of Petroleum Resources, and recently Mr. President approved the zero duty and VAT for imported CNG and LNG.”
This is in addition to the existing tax waivers on imported Gas equipment. All these are geared towards deepening gas penetration in Nigeria. The responsibility of developing our energy resources does not depend on Government alone. It calls for collaboration, knowledge sharing, and commitment on the part of the private sector industry players too as Government makes the right policies and creates the enabling environment for businesses to thrive.
“As we anticipate the kick-start of critical infrastructure such as the AKK, and the expansion of the Lagos-Escravos pipeline to Morocco and further to Europe, we call for collaboration to support existing Government initiatives. There is a huge demand for Gas in Nigeria, and the sector is large enough to accommodate everyone. The Ministry of Petroleum Resources welcomes ideas and ventures that could assist us bridge the gap existing between demand for gas and the low level of development of our enormous natural gas reserves.”
The Minister reiterated the readiness of the government and Ministry of Petroleum Resources, in particular, to foster fruitful collaborations and partnerships that will aid achievement of the national goals for domestic gas utilization and export.
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