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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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Nigeria loses $3b to oil theft in three months


By Akinola Ajibade

Nigeria' continues its tale of woes and despairs, as it lost $3 billion to crude oil thieves in the first quarter of 2022.

The country is believed to have lost huge amount vof money from oil theft in January, February and March this year, a development, which has further affected the purse of the Federal Government and its docio- economic programmmes.

The loss is likely to be higher in the subsequent months, if urgent solutions is not taken to nip it in bud.This happens, as the Federal Government continues to burrow huge amount of money to run the economy, which is  in a bad state.

The executive secretary of the Nigerian Upstream Regulatory Commission (NUPRC) , Gbenga  Komolafe disclosed  this, while answering questions on Arise Television about the situation with crude oil theft in the country.

According to an average of $1 billion was lost every month from January to March.

He said the issue of crude oil theft has assumed a very horrific and tragic level in the sense in that Nigeria is an oil economy to extent that whatever affects  the oil sector affects  the health of the

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