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
The more than 200, 000 population in Nigeria are more concerned with the positive impacts, which the removal of fuel subsidy would bring to them socially and economically, not several meaningless talks and conferences on the issue, the President, Petroleum and Natural Gas Senior Staff Association of Nigeria(PENGASSAN), Comrade Festus Osifo, gave this indication during a panel session at the Association of Energy Correspondent of Nigeric( NAEC) strategic International Conference in Lagos.
He said major developments in the areas of power generation, health care delivery, among others are of utmost importance to Nigerians, when subsidy is finally removed by the Federal Government, in 2023.
According to him, Nigerians are not against the removal of subsidy on Premium Motor Spirit (PMS) but that government must get the nod of the citizens by regularly discussing the issue with them and what they stand to gain in the event that government remove subsidy.
Osifo, also the President, Trade Union Congress (TUC) said that Nigerians are only oncerned with reliable and affordable energy, not energy transition, which countries across the world have drawing timetables for its execution.
Osifo
“Majority of Nigerians were not really interested in the energy transition but were only concerned about affordable and reliable energy.”
He urged the government to lead by example, by communicating to Nigerians on the issue of subsidy removal and how it would plough thr money, which its spending on subsidy on critical socio-economic projects for the masses.
He said that the downstream sector had not achieved its potential due to the thorny issue of PMS subsidy.
The Presidency, Osifo said, should be able to come out and tell Nigerians its cutting down its budget, so also the National Assembly needs to do so. That is leading by example.
He said that Nigerians are not really averse to the subsidy removal but the government must be ready to demonstrate not just by talking but by doing and by acting, he stated.
“The government must demonstrate that if subsidy must go, this must reflect in our education, it must reflect in our healthcare and also our level of infrastructure.
“So, the trust deficit that Nigerians have must be addressed before we can make any progress,” Osifo said.
Olumide Adeosun, Chairman, Major Oil Marketers Association of Nigeria (MOMAN), in his remark called for phased removal of PMS subsidy to mitigate its impact on ordinary Nigerians.
Adeosun, who was represented by Clement Isong, Executive Secretary, MOMAN, said the N5 trillion subsidy payment by the government was unsustainable and putting a huge strain on the nation’s forex reserves.
He said the best option was to fully deregulate the sector and allow market forces to determine the price while also investing the subsidy gains in other critical areas such as mass transportation, healthcare and education.
Similarly, Dr. Gabriel Ogbechie, Group Managing Director, Rainoil Ltd., said the global average price currently for PMS was N516 per litre, which was way higher than the N175 per litre it was being sold in Nigeria.
Ogbechie said the government should not only deregulate but also initiate a petrol tax to fund the maintenance and construction of critical infrastructure across the country.
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