By Modupe Gbadeyanka
A Nigerian energy firm, Oando Plc, has been announced as a diamond sponsor of the 2024 African Energy Week (AEW) slated for Cape Town, South Africa from November 4-8.
Mr NJ Ayuk, the chairman of the African Energy Chamber Executive, which organises the event, described the partnership with Oando as a welcome development.
“Oando PLC is a renowned leader in sustainability and clean energy efforts, with a strong commitment to driving successful oil and gas project developments in Africa.
“The company sets an inspiring example for the entire industry, laying the groundwork for a more prosperous future for the continent,” he stated.
Business Post gathered that the theme for this year’s programme is theme Energy Growth through an Enabling Environment, and the sponsorship of Oando speaks to the calibre of the conference.
Last year, the company signed an $800 million loan document with a pan-African financial institution, the African Export-Import Bank (Afreximbank) to facilitate the acquisition of 100 per cent of the shares of exploration and production company the Nigerian Agip Oil Company.
The transaction will see Oando PLC’s participation interest in OML 60, 61, 62 and 63 – situated in the northern Niger Delta – increase from 20 per cent to 40 per cent.
At AEW 2024: Invest in African Energy, Oando is expected to outline how this strategic acquisition supports the company’s growth objectives in Africa.
As a well-established energy company with an impressive portfolio of assets in the oil and gas sector, Oando is responsible for driving a diverse range of assets, which include exploration, development and production for onshore and offshore activities in Nigeria.
Currently, its producing assets include Qua Iboe (OML 13), Ebendo Field (OML 56), OML 60, OML 61, OML 62 and OML 63.
Meanwhile, the company’s promising pipeline of development assets includes OML 90 and OML 122, which hold tremendous potential for bolstering Oando PLC’s operational capacity.
Furthermore, in the realm of exploration, Oando PLC holds interests in several strategic assets including OMLs 321 and 323 as well as Blocks 5 and 12, OML 131 and OML 145.
Source
