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...
Fed Govt to Execute Brass Agreement This May
By Favour Ifeoluwa & Akinola Ajibade
The Federal Government will sign Gas Supply and Purchase Agreement ( GSPA) to support Brass Methanol Project in May 2024, the Minister of for Petroleum Resources,, Hon. Ekperkipe Ekpo, has said.
He said the agreement aimed at supporting the Final Investment Decision (FID) for the Project.
According to Louis Ibah, the Minister made the announcement yesterday, after a meeting with key stakeholders of the project in his office in Abuja.
The meeting aimed at confirming whether there is adequate gas supply to the Brass Methanol Project by the NNPC/Shell/TotalEnergies/NAOC Joint Venture (JV), as well as determine the next steps to conclude and execute the GSPA and mature the phase 2 of gas supply to the project.
Present at the meeting were the Head of Joint Venture (JV), Investment Management, NNPC Upstream Investment Management Services, Mr. Olanrewaju Igandan; Deputy Managing Director, Nigerian Agip Oil Company (NAOC), Mr. Richard Orianzi; Managing Director, Shell Petroleum Development Company Nigeria, Mr. Osagie Okunbor; Managing Director of Brass Fertilizer and Petrochemical Ltd, Mr. Ben Okoye, among others.
Ekpo at the meeting informed the officials of President Bola Tinubu’s strong interest in resolving issues relating to gas supply to the Brass Methanol Project.
He said the President was passionate about the speedy kick off of the project so that it could bring in the much needed FDI with attendant economic benefits to the country.
"Mr. President is very passionate about this project and wants something positive to happen in respect of the Brass Methanol project before the end of May this year," Ekpo said.
The Brass Methanol Project, located on Brass Island in Bayelsa State, is sponsored by Brass Fertilizer & Petrochemical Company Limited (BFPCL).
The $3.8billion project is made up of a gas processing plant, and methanol production and refining plant, product export facilities, among others.
At the end of the meeting, Ekpo announced he had successfully resolved the GSPA issue as the deal would be sealed by May that the NNPC/SPDC JV partners are now fully committed to uninterrupted gas supply for the development of the project.
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