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

ICPC Will Not Hesitate to Deal Oil Racketeers

By Favour & Akinola Ajibade Oil racketeers will henceforth face prosecution and subsequently sentenced to prison, in the event that the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stands by its decision to completely eradicate such activities in the country.  This happens as ICPC  secured a seven year conviction for  two fraudsters, Aso Adasa Morrison and Frank Biobarakuma recently.  The body in a statement signed by its spokesperson, Mrs. Azuka Ogugua and made available to the media, said the two suspects were first arraigned sometime in March 2013 before Hon. Justice B. A. Georgewill of Rivers State High Court 16 on a 17-count charge bordering on conspiracy, forgery and obtaining false pretence regarding transactions in crude oil in Nigeria  She said the court was informed of how the convicts and others at large between the month of March 2012 and February 2013 in Port Harcourt, fraudulently obtain...
Post a Comment
Read more

SHELL PHOTOSTORY-2 ( LAKOWE GOLF COURSE, LAGOS

L-R: General Manager, Safety and Environment, Shell Nigeria, Elozino Olaniyan; Vice President Midstream, Henry Bristol; former Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Chike Onyejekwe; SNEPCo Managing Director, Elohor Aiboni and Shell Nigeria Vice President, Human Resources, Olukayode Ogunleye, at the Golf Kitty retreat organised for serving and retired leaders of Shell Nigeria at the Lakowe Golf Course, Lagos… recently. A cross section of serving and retired leaders of Shell Nigeria at the Shell Nigeria Golf Kitty Retreat held at Lakowe Golf Course, Lagos… recently.    
Post a Comment
Read more

IGP to Nigerians: Deface new notes and face prosecution

IGP Baba New naira notes  By Akinola Ajibade Nigerians, who are selling and defacing new naira notes of N200,500 and N1000 are facing arrest and prosecution soon unless they change from their criminal activities,  the Inspector-General of Police, IGP Usman Alkali Baba has said   Baba yesterday ordered the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau, to commence arrest and prosecution of individuals, who was found selling and abusing the  naira notes issued by the Central Bank of Nigeria.  The order, which was conveyed in a statement signed by the Force Spokesperson, CSP Olumuyiwa Adejobi, quoted the police boss as imploring them to place officers and men of the Department and the Bureau across the nation on high alert. He further charged all supervisory Assistant Inspectors-General of Police and Co...
5 comments
Read more