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

Marketers hail hike in fuel price

    Mr  Gills- Harry 



By Akinola Ajibade

Stakeholders in the Nigerian downstream sub-sector of the oil and gas industry, yesterday, 
described the recent adjustment in the price of the Premium Motoring Spirit( PMS) as timely and beneficial to the industry. 
The Nigerian National Petroleum Company (NNPC) Limited, yesterday, minimally raised the price of fuel from N165 per litre to N179 per litre, following a critical assessments of the industry  and the need to strengthen it for improved performance. 

.                 Mr ILO

According to marketers, the sub-sector is on the brink of collapse and the best thing to do, by the Federal Government, is to increase the price of petrol in order to enable operators survive.
The stakeholders, mainly marketers, in an interview with News Mirror,  applauded the decision of the Federal Government, to increase the pump price of fuel in the country.
According to the Chief Executive officer, Petrocam Nigeria Limited, Mr Patrick ILO, there is no better time to increase the pump price of petrol, other than now, considering the harrowing experiences which many Nigerians are passing through daily in order to get fuel for domestic consumption.
He said the rise in price of fuel is a welcome development and capable of making the product available in the country, in the long run.
ILO said: "  Though Nigerians may not consider increase in fuel price as the most important thing to do by the government, in view of the 
hardships fosted on them by the economy, the issue to me is welcomed. 
The reason is because fuel would be made available in Nigeria, by importers and marketers respectively. When this happens, scarcity of fuel and its attendant queues on the highway would become a forgotten issue.
Adding that:'" the increase is marginal and as a result, would not impact negatively on Nigerians.
In Lagos, for instance, the price is N165 per litre and with N4,000 added to it being the extra charges incurred in the course of bringing fuel to the fuel outlets,  the price would be N169 per litre." he said.
The government, ILO said, is still subsidizing the product by N560, a development, which implies that the state is trying its best to ensure that fuel is readily available in the country.
Nigerians, he said, would be highly affected by the removal of subsidy, whenever it happens.
Also, the President, Petroleum Products 
Retail Outlets Owners Association of Nigeria( PETROAN), President, Dr Billy Gills- Harry, expressed joy over the issue, stating that the slight hike in the price of fuel is welcome by its over 40,000 members.
He said: " It is a welcome development. Members of PETROAN are happy about it.
I have spoken to you on this issue in the time past that,  Nigeria needs a regular supply of petroleum products to improve socio-economic activities 
and the only way to achieve this objective is to upwardly  adjust the price of petroleum products.
On economy's growth, Harry called on the government to right-size the economy.
The government, Harry said, would be intervene through subsidy once a while.
He said the government is trying to make sure that the system does not collapse, stressing that increase in the price of petrol varies relative to the area where the product is being transported from. 




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

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g...
Post a Comment
Read more

'2023 will usher in robust oil industry, says independent producers

Pix depicting Nigeria's energy sector Favour Ajibade The Independent Petroleum Producers Group (IPPG),has said that Nigeria will experience positive changes across its  oil and gas value chain in  2023. Its Chairman, Mr. Abdulrazaq Isa, gave this predictions during the Group’s 2022 Annual Dinner in Eko Hotel and Suites, Lagos.  He said that the tangible effects of the Petroleum Industry Act  implementation, conclusion of this International Oil Companies IOC's divestment phase and the emerging dominance of the indigenous players across onshore and shallow water space; implementation of the decade of gas policy; and the expected deregulation of the downstream sector, will all jointly set the tone and direction for Nigeria’s oil and gas industry in the years to come. According to him, the group has an important role to play going forward and as such are best placed to ensure the optimal development of Nigeria’s hydrocarbon resources as its members have demon...
Post a Comment
Read more