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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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Hike in freight rates worsens subsidy By Akinola Ajibade

Fuel: Hike in freight rates worsens subsidy 


Nigeria would jerk up the under recovery also known as súbsidy payable on the imported petroleum products soon, following the approval of hike in transporters  freight rates by President Muhammadu Buhari recently.

The increase in the freight rates takes effect from June 1, 2022.

News Mirror findings show that the hike would not change the pump price of Premium Motor Spirit (PMS) also know as petrol from N165 per litre, it would jerk up the under recovery also known as subsidy payable on the product.

The Nigerian Midstream and Downstream Petroleum Regulatory Authoriy (NMDPRA), which announced the hike maintained that the increase will further encourage Nigerian Association of Road Transport Owners (NARTO) and other
stakeholders to deploy more trucks to transport PMS nationwide to ensure adequate supply of the product.

The approval, according to News Mirror, was after due consultations with industry-wide stakeholdersa t the instance of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the Authority).

The review was necessitated by the
upswing in the global price of petroleum products especially Automotive Gasoil (Diesel) and its implication on the cost of transporting Premium
Motor Spirit (PMS) nationwide.

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