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 Federal Government has unveiled the zero draft of the National Integrated Electricity Policy and Strategic Implementation Plan which aims to address the pressing challenges in the Industry, the Minister of Power, Hon Adebayo Adelabu has said.
He describes the policy as key to the nation’s journey toward achieving a robust, sustainable, and inclusive power sector that meets the aspirations of all Nigerians.
Speaking at the presentation of the draft yesterday in Abuja, Adelabu said the NIEP-SIP is a comprehensive policy document that outlines strategic interventions across the entire electricity value chain, from generation and transmission to distribution and off-grid segments.
According to him,, the policy is a product of extensive consultations with industry experts, key stakeholders, and development partners.
“The journey leading up to today has been a collaborative and rigorous process, driven by our collective commitment to addressing the pressing challenges within the Nigerian Electricity Supply Industry,” Adelabu added.
He said the policy framework not only responds to current realities but also anticipates future needs, ensuring that the power sector remains resilient and efficient.
Meanwhile,the federal and state governments,have disclosed plans to spend N100 billion in finance to import electricity meters into the country amid metering gap challenges.
Adebayo Adelabu,disclosed this while addressing broadcasters in Ibadan, Oyo State,adding that that this was under the Presidential Meter Initiative program.
President Bola Tinubu’s administration has been making efforts to close the meter gap in Nigeria, adopting various initiatives,he said.
“In the PMI, we have made good progress in sourcing the fund for this, and it is going to be by a combination of the federal and state governments.
“Today, we have received, and we have seen about N100bn that will go into the procurement of meters,” he said.
He added that the World Bank decided to support Nigeria with the procurement of almost two million meters in the next two years through the distribution sector recovery program.
He noted that $200m out of the $500m DISREP fund from the World Bank would be used for meter procurement, saying this has reached an advanced stage.
He said:“In fact, for the World Bank, we have issued contract awards. It’s just for them to start bringing the meters from overseas and locally. Because of the capacity requirements, we can not just depend on local patronage alone. We must bring it from other clients where it’s even
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