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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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How 116.46 m litres fuel stolen in 2021, says NNPC

By Akinola Ajibade 

Details have emerged how N15billion worth of Petroleum Premium Spirit (PNS) otherwise known as petrol imported into the country was stolen.

According to the Nigerian National Petroleum Company NNPC) Limited, which is the sole importer of fuel into the  country, the product estimated to worth n18.86billon was stolen in 2021. 

In the Data obtained from different reports obtained from NNPC the products were lost through four pipeline segments , including Atlas Cove Modimi, Atlas Cove Idimu, Satellite, Mosimi-Ibadan, Mosimi Ibadan and Port Harcourt.

The reports further show that the multiple avenues through which the products disappeared made it difficult  to discover early enough, such the fuel regulatory authorities are unable to trace exactly where the products were diverged.

' " The products were lost through four pipeline segments including Atlas Cove-Mosimi and Atlas Cove-Idimu-Satellite, Mosimi-Ibadan, Ibadan-Ilorin and Port Harcourt-Aba. Also, the products were lost between January to December 2021, coupled with fact that  their desired destinations could not be ascertained." the reports said 

Giving the breakdown of how the petroleum products was stolen, the National Oil Company ( NOC) in the reports said that a total of 371 million litres of petrol was lost through three pipeline segment, excluding that of Port Harcourt-Aba, as there was no pumping operation on the line in January.

It added that the -ex-ddepot price of pettol , was N143.17/litres, a development, which implies that the worth of petrol stolen in January 2021 was N943.92m.

In the months of February, March and April 2021, the oil firm lost 5.317 million litres, 5.722 million litres and 7.366 million litres of petrol, valued at N787.88m, N855.28m and N1.09bn respectively.

In May, June and July 2021, NNPC lost 14.157 million litres, 10.585 million litres and 9.329 million litres of petrol respectively.

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