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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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NLNG Train 7 Is 67 Per cent Completed, Says Officials


By Favour Ifeoluwa & Akinola Ajibade

Nigeria Liquefied Natural Gas  Limited (NLNG) says its Train 7 project on Bonny Island has reached an overall progress of 67% completion, as well as achieving significant construction milestone of over 45 million manhours without any Lost Time Injury (LTI).

Officials of the company gave the update at a reconvened session of the Senate and House of Representatives’ Joint Committee on Gas (the Committee).

According to the company, it has over 9,000 Nigerians working in the project on Bonny Island, adding that  numerous indirect jobs and businesses emerging and booming have come up  as a result of the construction.

NLNG emphasised that the Train 7 project is a strategic initiative that will support the diversification of the country’s revenue sources, revenue generation during the Energy Transition, and aid the country in achieving a net-zero future.

It also noted that the project remained crucial for monetising Nigeria’s vast gas resources, estimated at over 200 trillion cubic feet (tcf) of proven reserves and it remains an inspiration to other gas development initiatives aimed at enhancing gas monetisation and utilisation in the country.

The company emphasized the significance of the project to the Federal Government’s Decade of Gas initiative. It emphasised that the project is aligned with Nigeria’s gas development aspirations, as the outlined initiative is both timely and essential to secure the nation’s future, particularly as the global movement towards a net-zero future accelerates.

NLNG expressed its respect for the National Assembly and committed to collaborate with the legislature to transform Nigeria’s energy landscape. It called on all stakeholders including the Federal Government and all well-meaning Nigerians to support the preservation of an enabling environment for its successful completion and the attraction of more transformational projects to Nigeria.

 

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