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
The Nigerian National Petroleum Company Limited ( NNPCL) will demisyify the cost of oil and gas production soon, Its Chairman, Chairman, Mr Wole Ogunsanya has assured.
He gave the assurance, when he led members of his team during a courtesy call to the Group Chief Executive Officer of NNPC, Mr Mele Kolo Kyari at the NNPC Towers in Abuja
In a statement signed by PETAN's Executive Secretary, Engr Innocent Akuvee and made available to the News Mirror, he said" Realising that all hands must be on deck in line with the Presidential Mandate to move the economy through increased production, Ogunsanya pledged all encompassing capacity which its members have garnered for decades on local content journey to ramp up oil and gas production for the country at a reduced cost".
" Our cost of production compared to other countries is too high and at PETAN, we feel the responsibility to bridge the gap of cost of production and sales through collaboration with the Federal government, regulators and NNPC Limited.
In the next few years,70 per cent of onshore assets Will be owned by Nigerians and PETAN has the strategy to maximise the footprints from these assets through a well articulated model that will maste in full value chain of production, exploration, midstream and downstream activities.
The Model Project will start within 5,000 to 15,000 pobd using our cost saving technologies and then upscale to support all onshore projects and NNPCL"
Meanwhile, NNLCL GCEO, Mele Kyari regretted his inability to physically received the PETAN Team, but expressed delight that PETAN remains a dependable partner in the industry, despite the critical changes its undergoing especially in respect to ramping up oil production.
" We have a very determined President, who makes procurement easier now, fiscal systems have improved tremendously, as well midstream and upstream development,all of which creates opportunities, which we need to collaborate with for growth.
Also, the Executive Vice Chairman, Upstream and NNPCL, Mrs Oritsemeya Eyesan, who physically received PETAN Team on behalf of GCEO said that it was gratifying to hear the aspirations of PETAN, whÃch align with the Federal Government and by extension, NNPCL.
" From our humble beginning, we thought that the industry would morphp us into something larger, but today, but today, we are starting new beginnings with a good number of investments that are about to be concluded , presenting opportunities in the industry and are to be run by Nigerians for Nigerians, a development, which necessitate a stronger synergy between the new operators and PETAN as technical services providers.
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