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

Nigeria faces a gloomy economy as inflation hits 18.60 per cent

By Akinola Ajibade


Nigeria heading for the worst economic crises, in the event that the Federal Government, fails to put in place measures to stem the rising inflationary rates in the country.

The measures include improving the value of naira relative to other currencies such as dollars and pound sterlings, reducing importation of goods and services,  upping domestic production by establishing more companies, vigourosly pursuing economic diversification progresmmes in order to reduce reliance on crude oil's exports among others.

This happens, as Nigeria's inflationary rates kept on rising amidst increasing Food And Commodity Prices   in the country.

According to the latest report from the National Bureau of Statistics (NBS),  the nation’s inflation rate for the twelve months period ending June 2022 was 18.60%.

 On a month-on- month increase, this indicates a 1.82% rise in Nigeria’s inflation when compared to the figure for May 2022, which was 17.71%.

 According to NBS, in June 2022, Nigeria’s inflation rate increased to 18.60 percent on a year-on-year basis, 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

 This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (i.e., June 2021).

 Increases were recorded in all the Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index, according to the national statistical office.

 “On a month-on-month basis, the Headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

 “The percentage change in the average composite CPI [consumer price index] for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021,” the NBS stated.

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