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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, MOMAN, PPMC, others move to end fuel scarcity soon By Akinola Ajibade

By Akinola Ajibade

The Federal Government, Major Oil Marketers Association of Nigeria (MOMAN) and the Nigerian National Petroleum Company ( NNPC) Limited are working together in order to 
make petroleum products available and further solve the lingering fuel scarcity in the country, MOMAN's Chairman, Mr Olumide Adeosun, has said.
Also included in the fight against scarcity of the petroleum products, which has become a debacle in the countre are Petroleum Products Marketing Company ( PPMC), a subsidiary of NNPC, Nigerian Association of Road Transport Owners ( NARTO) and other critical stakeholders in the nation's energy value chain.
He spoke during a virtual media briefing organised by MOMAN in Lagos recently.
At the briefing are energy correspondents drawn from the Nigeria and Bloomberg, an international online media outfit.
According to him, stakeholders, including government are putting heads together with a view to nip in the bud supply deficiencies and other problems associated with fuel scarcity in Nigeria.
He said: " The current scarcity of Petroleum Motoring Spirit ( PMS) otherwise known as petrol is caused by two main factors. First is the supply inadequacy, which has been a problem in the industry in the last few weeks. Secondly is the 
distribution challenges created by the unavailability and continuous surge in 
international prices of Automotive Gas Oil (diesel).
Adding that: " MOMAN emphatises with customers as they grapple with the scarcity of the product in the country. The body hopes that the  problems would be solve soon and that queques are going to be eliminated  soon.
Adeosun, who doubles as the Chief Executive officer, Ardova Oil,  however said that the current supply framework cannot guarantee 
steady and consistent supplies of fuel in the country, in view of the poor finance of the government and unpredictable international supply shortages. 
He therefore, advocated for gradual price deregulation with targeted palliatives (eg. transport and agricultural subsidies) to the public  in order to ease the implementation of the above- stated strategies in the industry.
MOMAN, Adeosun, in the interim wants the current single supplier strategy be reviewed. 
Others include collaboration between the Federal Ministry of Petroleum Resources  and the Ministry of Finance and other relevant Minidtries Depsrtments and Agencies ( NDAs), setting up of a taskforce to immediately focus
on increasing diesel supply through accelerated initiatives in order to increase local 
modular refining capacity, phased rehabilitation of existing NNPC refineries in order to hasten supply of middle distillates ( AGO and ATK).
The development, he said, would help in tackling  supply and distribution challenges.



MOMAN recognizes and closely associates with the need to ease challenges with respect 
to high energy and transportation costs occasioned by extraneous circumstances.
MOMAN shall continually do its best to distribute petrol to its customers across the 
country and keep exploring opportunities to partner with industry stakeholders, The. Authority, and the Government to ensure the sustainability and institutionalization of a 
viable petroleum downstream sector in Nigeria.
The full deregulation of the petroleum downstream sector and full implementation of the
Petroleum Industry Act (PIA) 2021 clearly remains the most viable long-term solution to 
the country’s supply and distribution challenges.
Olumide Adeosun Clement Isong
Chairman CEO/Executive Secretary

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