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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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Fed Govt will end fuel subsidy in June 2013, says Ahmed



 


By Akinola Ajibade



Barring any hitches, Nigeria may stop paying subsidies on  cost of petroleum products imported into the country in the second quarter of 2023, the Minster of Finance, Budget and National Planning, Mrs Zanaib Ahmed has said.

She said this in Abuja, yesterday ( Thursday).

Speaking during the investigation conducted by the  House of Representatives’ Ad Hoc Committee on petroleum products subsidy regime from 2013 to 2022, Ahmed said that the Federal Government has concluded plans to end subsidy payment in June 2023, since it is no longer sustainable for the government to continue paying it.

The Committee began the probe on fuel subsidy in order to ascertain the payments, which government has made so far.

Speaking on the issue, Ahmed said that the  Federal Government has  proposed a new date to end payments on under-recovery between the landing cost and regulated pump price of PMS, stating that the subsidy regime was not sustainable and might force the government to borrow more in 2023. 

According to her, the government had  planned for payment of subsidy for only half of 2023 as contained in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper. 

Continuing further, Ahmed noted that President, Major General Muhammadu Buhari (retd.) had  transmitted the MTEF/FSP to the President of the Senate, Ahmad Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila, as approved by the National Economic Council and the Federal Executive Council, respectively.

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