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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's crude oil output dropped to 1.354 bpd in March



By Akinola Ajibade

Nigeria's ability to generate more revenus from crude oil importation has reduced, following the recent drop in the production of oil  1o 1.354 million barrels per day iMarch this year. 
The   Organisation of the Petroleum Exporting Countries (OPEC) in its monthly report of activities of member states, said that Nigeria''s  crude oil production, on average has fallen to 1.354 million per day. 
According to the report, Nigeria''s crude oil production fell by  24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022.
Quoting secondary sources, OPEC said that the crude oil production of its member' countries 
averaged 28.56 mb/d in March 2022, higher by 57 tb/d month-on-month,adding that crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined.
The report said that Nigeria’s crude oil production dropped  to an average of 1.354 million barrels per day in March 2022, according to OPEC. 
The figure showed a decrease of 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022.
The report stated that Nigeria"s economy expanded by 3.6 percent in 2021, following   a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021,. 
According to the report, the economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report added: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated.Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”
The report stated that Nigeria:s economy expanded to 3.6 per cent in 2021, following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021.
According to the report, the economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report added: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated.Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”

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