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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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'How to save downstream sub-sector from collapse

By Akinola Ajibade



Nigeria  should try and  rebuild and revitalise its four refineries, provide intervention through provision of foreign exchange to fuel importers, streamlining taxes in order to avoid multiple taxation by the Federal Inland Revenue Service (FIRS), establish Energy Bank through an act of the National Assembly among other taking other measures, in order to save the downstream sub-sector of the industry from collapse.

The Natural Oil and Gas Suppliers’ Association of Nigeria (NOGASA) President, Me Benneth Korie,  gave the measures in a communique at the organisation’s 2nd annual National Executive Council (NEC) and Stakeholders meeting in Abuja.

The communique read:”NEC/Delegate and stakeholders resolves as follows: That the association should pay a courtesy visit to the president of Federal Republic of Nigeria to outline some of the issues below and the way forward. Association urge the national assembly to revie the policy of taxation (i.e. VAT) as & affects petroleum product supply and distribution chain

“The association urge the national assembly relevant sectors to enact a bill for establishment of energy bank for easy transaction in petroleum products and other and gas sector. That federal government of Nigeria should fix the four(4) refineries in Nigeria in a view to reduce the dependency on importation of refine product, to ease the high cost of petroleum product Nigeria

“That the association through its business arm should be given all necessary assistance by CBN to import AGO and other products into the country at competitive price. The association appeal to FIRS to ensure that suppliers are given a tax relief to avert multiple taxation and refund where necessary. The association appeal FIRS to use their discretion to apply relief on petroleum product.

“That the association urge MNDPR to use NOGASA as the umbellera body oll and gas association in Nigeria. Thereby using the association to collaborate in licensing petroleum product in Nigeria .Government should encourage establishment of modular and private refineries.

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