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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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PETAN- Fed Govt: Assist In Maximising Oil& Gas Outputs By 60 Or 70%

By Favour Ifeoluwa & Akinola Ajibade

The Petroleum Association Technology of Nigeria ( PETAN) is ready to support President Bola Ahmed Tinubu led government m the country, its Chairman, Mr Wole Ogunsanya has said.
He gave this assurance in Lagos, when the newly elected representatives of National Association of Energy Correspondents ( NAEC) paid him acottesgy visit.
Currently, Nigeria the country produces far below 40 per cent of the of the oil and gas value chain, a development, which is lesser than. what Nigeria nees fo be ranked among the 20  top economies. in the world. 
However, Ogunsanya said that if Nigeria can retain between 60 to 70 percent oil and gas valve chain, she stands a better chance of emerging  one of top 20 best economies.
According to PETAN, Nigeria is producing below 500, 000 barrels of crude oil per day, adding that the figure is a huge loss to the country.
The losses, Ogunwole said, would not have been the case,  if there was full in -country retention values and beneficiation across all the chains of the industry.
He explained: If Nigerian organisations are involved in taking that oil out, taking to a refinery  owned by Nigerians. If we have petrochemicals refining the gas and the product, we are taking that gas, we are processing it in  the power plants; we run pipelines to connecct those plants. We are sure of becoming one of the twenty best economies. 
"And we believe that there is no better prescription of Nigeria's economic solutions that are more this, he added. 
He said a lot of oil and gas needed to be filled at every stage of production, if the the energy values are going to be retained in Nigeria.
He said intention of PETAN is to support this government in order to improve oil and gas production greatly in the country. 
He said: PETAN wants to support this government. If we go to Indonesia the nation's oil and  stakeholders have relationships, that is what they are they are looking inwards to maximize returns from the resources they have





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