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

$100 + price is back for major haul



oil rigs



By Akinola Ajibade



Oil prices, yesterday recorded $105.8 per barrel in the global market, a development, attributed to the crises in the Middle East region.

This happens as dollar, a currency, which is majorly used in the international market weakened slightly, a situation, which is likely going to  slightly affect oil exporting countries, including Nigeria, that is currently struggling to fix her economy.

Brent oil prices climbed to $105.8 per barrel on Monday, up 4.65% on the day, while West Texas Intermediate (WTI) was trading at just over $102.

Prices rose Monday as traders assessed the Saudi sentiment following U.S. President Joe Biden’s meeting with the Crown Prince on Friday.

On Sunday, Biden’s advisor on international energy affairs, Amos Hochstein, said Washington believed OPEC’s producers in the Middle East–namely Saudi Arabia and the UAE–would take some steps to boost supply to the oil market soon.

However, the overriding sentiment seems to be that the Saudis have no intention of intervening in oil prices at this time. Last week’s sell-off based on notions that Biden’s trip to Saudi Arabia might result in an OPEC decision to increase production is now being reversed.

Monday’s higher oil prices are also being driven by a weakening U.S. dollar thanks to investors who have softened their expectations of a more aggressive approach to interest rates by the Fed next week.

The U.S. dollar index fell 0.464% on Monday.

Biden’s meeting with the Saudi Crown Prince had markets hedging oil lower, despite widespread doubts that anything would be accomplished in terms of increasing OPEC output.

On Monday, Iraq’s oil minister told Bloomberg that oil is likely to continue trading above $100 for the remainder of this year.

Comments

Post a Comment

Popular posts from this blog

'Nigeria Needs Carbon Emission Reduction To Diversify Energy Portfolio'

SNEPCo Wins Awards  By Favour & Akinola Ajibade Nigeria will be able to reduce carbon emission caused by fossil fuels production, once its  renewable energy portfolio, is diversified, Shell Nigeria Exploration and Production Company (SNEPCo) Managing Director Mrs, Elohor Aiboni has said.  According to her, Nigeria would meet the energy needs of its growing population of over 200 million people, once it encourages Public-Private Partnerships in renewable energy, adding that the development would enable her to overcome high investment costs and limited access to financing. She spoke in Lagos, during the 41st annual International Conference and Exhibition of the National Association of Petroleum Explorationists (NAPE). The event was organised for her and  other senior officials of the company.  SNEPCo's Managing Director, Alboni  At the event are officials of SCiN) and their various awards. There,SCiN won the Best Exhibitor and Plat...
Post a Comment
Read more

NUPRC Is Not Leaving Abuja As Erroneously Speculated

By Ibrahim Musa With clear mandates – ensuring compliance with petroleum laws, regulations and guidelines, monitoring of operations at drilling sites, producing wells, production platforms and flowstations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, supervising operations being carried out under licenses and leases, monitoring operations to ensure that they are in line with national goals and aspirations – the Nigerian Upstream Regulatory Commission, NUPRC, occupies a very influential position in Nigeria’s oil and gas industry. The NUPRC also has the mandate to monitor operations to ensure that they are in line with national goals and aspirations, including those relating to Natural Gas Flare elimination & monetization, Domestic Gas Delivery Obligations and Domestic crude oil supply obligations and ensures that Health Safety& Environmental regulations conform to national and international best oil field practice. The agency fu...
Post a Comment
Read more

Nigeria Loses N10tn to Poor Electricity--- MAN

Its DG, Kadir-Ajayi By Favour & Akinola Ajibade Nigeria's manufacturing sector is losing about N10 trillion or two percent share of its Gross Domestic Product( GDP) to poor supply of electricity, the Manufacturers Association of Nigeria MAN 's Director-General of, Mr Segun-  Ajayi Nadir, has said. He said the electricity reforms introduced by the administration of President Bola Ahmed Tinubu, would help in salvage the sector, if well implemented.  The DG said this, while accessing the impact of of the country's electricity situations on the economy, stating that the sector would help in guaranteeing the growth and development of the economy, once the its reforms are adequately implemented.  According to him, the unfavourable situation in the power sector has placed the country among the worst countries to do business with a rank of 171 out of 190. On the recently signed electricity Act, the MAN's DG said that the 2023 Act will be a major game...
Post a Comment
Read more