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...
By Akinola Ajibade
Organisation of the Petroleum Exporting Countries (OPEC) has said that Nigeria's spiralling inflationary rates portend a great danger to her economy.
The country's inflationary rates, which stood at 16.82 per cent in April 2021 was 18.42 in May 2022. This may increase further, unless the nation's economy, which is characterized by problems such as corruption, liquidity, low productivity among other variables improves.
According to OPEC, the rising rates of inflation in Nigeria has dwarfed her economic outlook, despite the recent improvement in the international prices of crude oil.
The development, OPEC said, has reduced private sector optimism and weakened consumer spending, the global oil body, said in its Oil Market Report for July 2022.
The report said Nigeria’s crude oil production increased to an average of 1.238 million barrels per day (bpd) in June 2022, adding that the figure showed an increase of 5,000 barrels per day when compared to the 1.233 million bpd produced averagely in the month of May 2022.
“According to secondary sources, averaged 28.72 mbpd in June 2022, higher by 234,000 barrels per day month-on-month. Crude oil output increased mainly in Saudi Arabia, the United Arab Emirates, Iran, Kuwait and Angola, while production in Libya and Venezuela declined,” the report said.
But the report said in May 2022, the composite Consumer Price Index rose to 17.7 per cent year-on-year from 16.8 per cent y-o-y in the previous month.
“In response to the elevated inflationary pressures, the Central Bank of Nigeria raised its policy rate by 150 basic points to 13 per cent bringing borrowing costs to the highest since April of 2020. It was the biggest rate hike since July of 2016 amid concerns that persistent inflationary pressures could weigh on the country’s fragile recovery.
“Meanwhile, the Stanbic IBTC Bank Nigeria Purchasing Manger’s Index fell to 50.9 in June of 2022 from 53.9 in the prior month, pointing to the weakest improvement in business conditions in Nigeria’s private sector since January of 2021. Overall, the above-average fossil fuel prices support a firmly positive outlook for the rest of the year, but concerns over soaring inflation would increase uncertainty next year,” the report added.
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