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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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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade 


The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC).

In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024.

According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the intrastate supply and distribution of electricity from ISERC, among other directives”.

With the EA 2023, the Commission retains the role as the central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

It also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the State Regulator.

The government of Imo State complied with the conditions precedent in the laws, duly notified NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in Imo State.

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