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...
AGIS 2024: NAEC Urges Fed Govt & Other Relevant Stakeholders To Create An Enabling Environment For The Development of Gas Technology In Africa
By Favour Ifeoluwa & Akinola Ajibade
The Chairman, Association of Energy Correspondents of Nigeria (NAEC), Ugochukwu Amadi has called on the Federal Government and other relevant stakeholders in the energy sector, to create an enabling environment for gas development and innovation of Gas technologies in Africa.
He made this call during the recently concluded Africa Gas Innovation Summit (AGIS) 2024, in Abuja The Summit had the theme: "Igniting the Future: Driving Sustainability in Africa’s Energy Landscape through Gas Technology and Innovation."
Amadi in his contribution at the conference said a lot can be achieved by creating policies that encourages investments, including collaboration which encourages0 adaptataion to new technologies needed to help improve the economy
While delivering his address at the technical session of the summit, Amadi said that the country is faced with numerous challenges, adding that the problems would help Nigeria to achieve significant progress in the energy sector, once they are resolved.
He said: " We are not unmindful of the fact that Africa and Nigeria’s energy sector are facing several challenges, which include but not limited to Inadequate infrastructure, lack of policy consistency, unreliable access to energy, poor
incentives and regulatory hurdles, which has discouraged investment in the private sector.
Othes, according to him, include concerns about energy security, particularly in the face of rising demand and declining domestic production , inadequate funding for energy projects and programmes, weak institutional capacity, corruption, and political interference which has hindered implementation of policy effectively.
"Therefore, addressing these challenges is crucial to developing a sustainable, efficient, and inclusive energy sector in Nigeria and Africa.
" His Excellency President Bola Ahmed Tinubu, who doubles as Minister of Petroleum Resources, recently signed the Presidential Executive Orders on oil and gas in March this year, aimed at improving the efficiency and attractiveness of Nigeria’s oil and gas sector.
"However, stakeholders are still calling for a proper review of the Petroleum Industry Act (PIA) 2021 in order to unlock Nigeria's vast hydrocarbon potential, attract investment, and propel the nation towards greater economic success and shared prosperity.
"As an association, we are committed to advocating a just and equitable energy security for Nigeria and Africa as a whole. We are also dedicated to telling the gas story in the most compelling way possible and support the implementation of the Nigeria's Decade of Gas Initiative.
The NAEC chairman advised Federal Government on the need to take more practical approaches to address issues in the industry, with a view to create a more sustainable energy future.
"We are calling on all stakeholders, especially Federal Government to help provide an enabling environment for gas technology development and innovation in Africa since it requires a multi-faceted approach.
"Some of those result oriented approaches include but not limited to Government policies that encourage investment in gas technologies and innovation, Strengthening institutional and human resource capacities in Africa, Collaboration among government, industry, academia, and the entrepreneurial community to address challenges and opportunities in the gas sector
"Also, there is need to promote digital technologies such as blockchain, digital platforms, and smart grids to achieve new energy production and consumption models, Encouraging technical, vocational, and tertiary education and training in science, technology, engineering, and mathematics, Enhancing cooperation to strengthen tertiary education systems and increase access to online education in areas related to sustainable development
"In addition, increasing the number of scholarships available to students in Africa to enroll in higher education is necessary while Ensuring adequate, balanced, and effective protection of intellectual property rights in both developed and developing countries, the chairman noted remains very import Julyant.
Ladies and Gentlemen, as we deliberate, we are trusting that we go beyond theory and look at practical and achievable steps the nation and Africa at large need to develop its gas sector for shared wealth.
"Today, we stand on the verge of history in our energy sector, we must change the narrative , in such a manner that gives credence to the quotation “ We have stayed long enough on this mountain, we must take our journey into our destiny’. So ’let us do all we can to harness the opportunities that promise not only to meet the immediate needs of our growing economies but also to secure a sustainable future for the next generations for common wealth." Amadi concluded.
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