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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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Fed Govt Will Revive Ajaokuta Steel Soon


By Favour Ifeoluwa & Akinola Ajibade 


The Federal Government says its would revive the long  awaited Ajaokuta Steel Company in three years.

The government though the  Minister of Steel Development,Prince Shuaibu Audu said this during a  press conference in Abuja recently. 

According to him, the revival of Ajaokuta Steel Company is part of the 10 year roadmap for the resustication of the nation's entire steel industry, adding that the government is ready to close the gap between steel production and consumption as soon as possible. 

He said that there is strategic initiative on ground to kick-start the  production of key components within the steel production line.

While identifying the historical challenges faced by the steel industry for over 60 years, Audu emphasized the complexities involved in reviving the Ajaokuta Steel Company, established more than 45 years ago.

He stated that there is significant gap between local steel production and consumption, revealing that over 5 million metric tons are consumed locally, with domestic production falling short of demand..

He said the concession of the Ajaokuta complex to competent entities capable of effectively executing the revival plan is crucial to the revival of the company, adding that production of iron rods for Ajaokuta Steel Company and engagement  with the Ministry of Defence to revitalize the engineering aspect, particularly in producing military hardware is key to the plans to revive the industry. 

He disclosed that Nigeria spends over $4 billion on steel imports, constituting 90 per cent of the country’s steel demand. The need for passing a bill for the meteorological industry to support the steel sector was also emphasized.

 

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