Skip to main content

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...
Post a Comment

NNPC rakes in N1.7tn in 12moths By Akinola Ajibade

NNPC rakes in N1.7tn from crude sales in 12




Nigerian National Petroleum Company ( NNPC) Limited, has generated revenue of N1.7 trillion from  sales of crude oil in one year.

In the corporation's latest monthly and financial report for August 2021, the company said the amount was realised from March 2020 to March 2021 after it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel.

A breakdown of the report from the National Oil Company ( NOC) showed that in March 2020, the oil and gas firm lifted approximately 9, 490mn/b; 11, 437mn/b in April; 5, 113m/b in May; 6,274mb in June; and 8,546m/b in July.

In August, NNPC said it lifted 8, 546mn/b; 8, 490mn/b in September; 10, 333mn/b in October; 9, 532mn/d in November; and 7, 539mn/b in December 2020.

In January 2021, it lifted 5, 542mn/b; 9, 397mn/b in February, and 7, 553mn/b in March 2021, making it a total of 108 million barrels for the period under review.

The crude, NNPC said, was lifted from the daily allocation for domestic utilisation translating to an average volume of 243,650 barrels of oil per day in terms of performance.

Price fluctuations within the period ranged from $25/b in March 2020, to $17/b in April; $25/b in May; $40/b in June; $44/b in July; $55/b in August; $40/b in September; $40/b in October;  $43/b in November; and $51/b in December 2020.

In January 2021, crude lifted was sold at $57/b; $64/b in February, and $64/b in March 2021.

In order to meet domestic product supply requirements, NNPC said all the barrels were processed under the Direct-Sales-Direct Purchase, DSDP, scheme while no deliveries were made to the domestic refineries for processing.

The country’s official exchange rate during the period was around N400 to the dollar.

Going by an average of N400/$, the various average monthly costs of Brent and the monthly crude oil production figures as stated above, NNPC said it earned approximately N71bn in March; N69bn in April; N46bn in May; N90bn in June; N136bn in July; N170bn in August; N130bn in September; N158bn in October; N156bn in November; and N145bn in December 2020.

The NNPC earned N124bn in January 2021, N230bn in February, and N184bn in March 2021.

Altogether, the total revenue from sales put together by NNPC Limited was at N1.7trn within the period under review.

 

Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first C...
1 comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l...
Post a Comment
Read more

Axella Plans To Deepen Gas Utilisation in Nigeria

Axella' s Director of Business Development, Mr Franklin Imole By Favour  Ifeoluwa & Akinola Ajibade Axella's Gas Processing Plant announces Final Investment Decision ( FID) to develop a 50 MMASCF/D Gas Processing Plant, with h a view to deepen utilisation of gas  in the country. The firm, which is situated  in 0ML 56 in Delta State,  said that its making strategic investment in order to ensure that gas is available for industrial use in Nigeria. Situated in  Delta State, Southern Nigeria and billed to commence operation by the end of 2024, the facility, Axella' said, boasts of 12 MMSCF  Modular Plant with an interconnection pipeline network of about 4kilometres alongside other ancillary infrastructure. The facility, the company added, is expected to commence operation by the end of this year. Speaking on the plant ,  Axella's  Director of Business Development, Franklin Imole said: " As the Federal Government continues to pursue its...
Post a Comment
Read more