Skip to main content

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...
Post a Comment

Alleged N500m Wasteful Investments. I stand by my Words, Lokpobiri Dares Wabote:: Tasks Journalists To Visit Project Sites of NCDMB's Partners




Lokpobiri


By Favour Ifeoluwa &. Akinola Ajibade

The Honourable Minister of Petroleum Resources, Sen Henekein Lokpobiri has said reiterated that he stands by his statement  at the Petroleum Club quarterly event  in  Lagos that over N500milion of the industry fund in equity investment in private establishments and loans are now  non performing. 
While reacting to media statement made by Mr Simbi Wabot, former Executive Secretary of Nigerian Content Development  Monitoring Board ( NCDMB), dismissed the claims that he asked for an  increase in budget of N30bilion for the Office of the Minister.
In a statement by Nnaemakar Okafor, S.A Media & Communication, for Minster of State for Petroleum Resources( Oil)the Minister noted: Secondly the Minister gas no aide  called Blackson.  All his aides are duly selected in line with extant laws and have documents to that effect. 
According to the chairman, the Minister in his capacity as chairman of the Governing Council stands by his statement at the Petroleum Club quarterly event in Lagos and as journalist, I welcome you to visit the place mentioned and verify  the allegations for yourself.Thirdly the said Atlantic Refinery was supposed to be built in Wabote's home town, he should Nigerians where that refinery is .
Fourthly, the Brass Fertilizer and Petrochemical Company was also paid for, you are welcome to visit the site and verify to verify the fact yourself.
The statement noted that investigations are  ongoing and truth will surely come to light and monies belonging to the generality of Nigerians  will be recovered for Nigerians 
Let me add that these revelations are not new, they were first made during an investigative hearing of the House of Representatives Committee on local content. Again , the records are there and you are welcome to verify the facts. 
The Minister has never been part of any budgetin process of any parastaltar under the Ministry, you are welcomed to visit these agencies to  verify for yourself.
Lastly, the Minister's  office is run with a budget supreinteded by permanent secretary and so one would wonder how the Minister would ask another entity to make provisions for the budget of his office. The Minister has an impeccable record from the time he was Minister of Agriculture and will continue to stand fir the truth.
The Minister and indeed the Chairman of the Governing Council of NCDMB will not abdicate his  responsibilitiy to please anyone.He has the responsibility to ensure that that which belongs to Nigerians is judiciously used for Nigerians. 
I have had course to read Mr Wabote's Release and every one can see that he still nursing the wounds of being replaced after spending seven years at the Board. At the best, this is clear case of when you fight corruption, corruption will fight back.
It would be recalled that the Minister at the Petroleum Club quarterly event, vowed to recoup alledge investments worth over $500 made by Nigerian Content Development Monitoring Board ( NCDMB). However, the erstwhile Executive Secretary of NCDMB earlier debunked the Minister' s statemen, describing it as reckless.
Wabote challenged the Minister to visit the sites of the projects, where the agency invested in, while accusing the Minister of playing politics. 
" The HMSPR Oil is implored to visit construction sites to avail himself of facts on ground.He should also check the MPR archives of the strategic plans to diversify oil and gas development clusters in the Niger Delta, using Bonny Island, Onne, Ogidigben, Ibon etc. Perhaps, this will cure his aversion to any devepmental initiative in Brass Island and the Niger Delta in general"Wabote said.






Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first C...
1 comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l...
Post a Comment
Read more

Axella Plans To Deepen Gas Utilisation in Nigeria

Axella' s Director of Business Development, Mr Franklin Imole By Favour  Ifeoluwa & Akinola Ajibade Axella's Gas Processing Plant announces Final Investment Decision ( FID) to develop a 50 MMASCF/D Gas Processing Plant, with h a view to deepen utilisation of gas  in the country. The firm, which is situated  in 0ML 56 in Delta State,  said that its making strategic investment in order to ensure that gas is available for industrial use in Nigeria. Situated in  Delta State, Southern Nigeria and billed to commence operation by the end of 2024, the facility, Axella' said, boasts of 12 MMSCF  Modular Plant with an interconnection pipeline network of about 4kilometres alongside other ancillary infrastructure. The facility, the company added, is expected to commence operation by the end of this year. Speaking on the plant ,  Axella's  Director of Business Development, Franklin Imole said: " As the Federal Government continues to pursue its...
Post a Comment
Read more