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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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Fed Govt spends N675.93b on subsidy in the Q1 of 2022 By Akinola Ajibade


By Akinola Ajibade

The Federal Government has spent  N675. 93 billin on subsidy on Premium Motor Spirit(PMS)  popularly called petrol for the first three months of 2022,  the latest data obtained from the Nigerian National Petroleum Company Limited on Wednesday has shown..

Figures obtained by the News Mirror from NNPC in Aburo recently shows that the oil firm has spent N210.38billlion in January, N219.78bilion in February and N245.77 billion in March this year respectively. 

Prior to this period, the Nation Oil Company ( NOC) has on behalf of the government informed the Federation Account Allocation Committee that it would deduct or recover  N671.88bn from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.

In the formation, the  government  described the N671.88bn as a value shortfall incurred by the NNPC, since  the oil firm  remained the sole importer of petrol into Nigeria and has been subsidising the commodity using billions of naira monthly

This implies that within the three-month period the oil company had spent N675.93bn on PMS subsidy. NNPC, however, described its subsidy spending as an under-recovery of PMS/value shortfall.

Meanwhile, in its presentation to FAAC during the committee’s April 26, 2022 meeting, NNPC told the committee members that it would deduct over N671bn at their next meeting in May.

It said, “The estimated value shortfall of N671,882,996,685.81 (consisting of N519bn for estimated April 2022 recovery plus N152bn of March 2022) is to be recovered from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.”

The oil firm further told FAAC that the overall NNPC crude oil lifting of 9.77 million barrels (export and domestic crude) in February 2022 recorded 1.71 per cent decrease relative to the 9.94 million barrels lifted in January 2022.

“Nigeria recorded 1.258million barrels per day production in February 2022 (OPEC),” NNPC stated in its presentation to FAAC.

It noted that crude oil export revenue received in March 2022 amounted to $88.93m, as gas export revenue received in March 2022 amounted to $32.04m.

NNPC stated that for domestic crude and gas sales, the sum of N259,539,170,912.93 was the gross domestic crude oil and gas revenue for the month of March 2022.

It further added that the value shortfall of N245, 772,559,462.62 was charged for the month which comprises previous months’ outstanding and part of the February 2022 value shortfall.

Monetary deductions by NNPC from FAAC had continued to deplete the funds being shared at the meeting, as these deductions were due to humongous subsidy spending shouldered by the national oil company.

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