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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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Marketers to Govt: Invest in transport, agric others


By Akinola Ajibade

The Federal Government should try and subsidise  transportation, agricultural and other productive sectors of the economy, while removing subsidies' payment on petroleum products, the Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr Olumide Adeosun, has said. 
He spoke, yesterday, during a one-day workshop in Lagos.
The programme titled Consumer Protection Regulatory Framework Workshop had representatives which was virtually organised, had representatives of both the Federal Competition and Consumer Protection Commission ( FCCPC) and  MOMAN in attendance.  FCCPC and MOMAN have their headquarters in Abuja and Lagos respectively. 
Investments in mass transportation and agriculture, Adeosun argued, would greatly help in improving the Nigerian economy, which for sometime has been lying prostrate and further save her funds that are being invested on fuel subsidy.
He said: " If the country had spent monies on subsidies on education, health and infrastructure, Nigerians and their businesses would have been better equipped to face today's energy challenges. However, it is better to be late in recirdding economic growth than never. 
Adding that: " MOMAN believes that Nigeria needs to gradually remove the subsidy on Premium Motor Spirit( PMS), while investing or perhaps subsidizing mass transportation and and productive activities in such areas such as agriculture and health"  
Continuing further, Adeosun said that Nigerian institutions now have a dimished capacity to deal with the current energy crisis.
Banks, he said, are either not lending to fuel agencies, as they are sceptical about the unfolding developments in the global economies nay the petroleum industry.
He said the market where local fuel marketing companies are operating is completely outside their control, citing the on-going Russian / Ukraine crises, which has advertently affected the prices of petrol at both foreign and local levels.
Similarly, the Executive Commissioner, Operation,  FCPCC, Dr Adamu Ahmed Abdullah denounced the claims that diesel, a bye-product of crude oil, is being sold at a more expensive price in Nigeria than any other countries in Africa.
" Diesel is sold in Kenya at the rate of one dollar plus, while the price is different from  what is obtainable in other countries. Really, it is of  question of how and where they access foreign exchange" Adamu said.






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