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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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Shell, Total revenues hit $21.3b, surpass industry forecast


By Akinola Ajibade




Global energy firms, Shell and Total Energies recorded combined revenues of $21.3bilion, as well as having share buybacks of $8billion in the third quarter of the year. 

While shell posted $11.5 profits and also planning to buybacks of $6 billion, Total Energies' quaterly profits rose to $9.8billion, with shares back of $2billion on its neck.

By this feat, both International Oil Companies (IOCs) have through considerable investments in countries, where they operate, beat record- breaking previous quarter results on the back of soaring crude, gas and oil product prices.

Interestingly, the two firms respectively are recording highest quarterly profits, while at the same time, keeping their dividends steady, in order not to disappoint some investors across the world.

Industry watchers  have continued to link impressive results, which are being recorded by Shell and Total Energies to developments in the global oil market.

They said that the surge in oil prices and ultimately the profits of some energy companies are driven by Russian invasion of Kuwait, a development which has both negative and positive effects on economies of countries in the world.

Recall that oil prices slumped for two years, leaving an aftermath effects on both on fourteen member countries of Organisation of Petroleum Exporting Countries ( OPEC) and those states under OPEC+. 

Brent crude prices resumed increase months ago, a situation, which has delighted companies and countries of having access to huge revenues, as well as growth in economies.

Brent crude prices have risen more than 140 per cent in the last twelve months, with the market reaching 


averaging around $114 a barrel in the quarter. 

Eni, Exxon Mobil and Chevron are yet to announce results. Though the firm are planning to declare their results  this July ending,  the industry is waiting to see whether they also would achieve high profit margins.

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