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...
By Akinola Ajibade
Nigeria's crude oil quota has moved from 1.772 million barrels per day to 1. 799milion barrels per day. The increase is between June to July 2022, The Organisation of Petroleum Exporting Countries (OPEC) has said.
0PEC disclosed this at its 29th ministerial meeting this week. At the meeting are members of OPEC and non-0PEC respectively.
The meeting, which took place through videoconferencing on Thursday, stated that the increase in crude output was 27,000 barrels, which translattes to 3.4% increase in the month of July.
In the statement issued at the end of the meeting, OPEC also approved the highest production volume of 10.833million barrels per day for Saudi Arabia and Russia.
As the United Arab Emirates is to produce 3.127million barrels per day, Iraq and Kuwait are to produce 4.580million barrels per day and 2.768millions barrels per day respectively, the organisation ratified 1.753million barrels per day for Mexico and 1.680million barrels per day for Kazakhstan.
The increase made Nigeria to be top on the list of its African counterparts and followed by Angola that got approval for 1.502million barrels per day.
According to OPEC, the meeting “advance the planned overall production adjustment for the month of September and redistribute equally the 0.432 mb/d production increase over the months of July and August 2022.
“Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.”
The meeting, said the cartel, resolved to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further approved in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
It also affirmed the production regulation plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.432 mb/d for the month of July 2022.
It extended the compensation period until the end of December 2022 as requested by some underperforming countries and request that underperforming countries submit their plans by 17 June 2022.
On compensation plans, OPEC said it should be submitted in agreement with the statement of the 15th OPEC and non-OPEC ministerial meeting.
It, however, restated the critical significance of observing total conformity and to the compensation mechanism.
The meeting resolved to hold the 30th OPEC and non-OPEC Ministerial Meeting on June 30, 2022.
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