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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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60,000 Port Harcourt Refinery ready in the next three months

THE Minister of State for Petroleum Resources, Chief Timipre Sylva, on Wednesday, said that the Old Port Harcourt Refinery would become functional by December this year.

An end to perennial scarcity of petroleum products in Nigeria is imminent, as old Port Harcourt Refinery come on stream this December.

The Minister of State for Petroleum Resources, Chief Timpreye Slyva, disclosed this to the  State House correspondents in Abuja.

Sylva after the Federal Executive Council FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, said the contractors rehabilitating the 60,000 capacity refinery have promised to complete their works in the next three months, without delay.

Responding to a question on the state of the ongoing repairs at the nation’s refineries, the Minister said one of the two refineries, the old one with 60,000 barrels-per-day capacity, would be functional by the end of 2022, just as works are also progressing on both the Warri and Kaduna refineries

Slyva said: “The rehabilitation of the refineries is ongoing. The old refinery in Port Harcourt, which is about 60,000 barrels per day capacity, will be functional by December and, of course, we still have some time in the contracting time to conclude the rest of the Port Harcourt Refineries.

“Works in the remaining two refineries namely  Kaduna and Warri,  are also in progress. We will soon embark on an inspection visit and some of you journalists will be will be able to go with us to ascertain for yourselves what the extent of work is.”

On the country’s Compressed Natural Gas(CNG)  programme, the Minister said progress was being made, adding that it was one of the steps that must be achieved before the removal of petrol subsidy.

He said, “On the CNG development, it’s very much in progress. That is part of the promises we made, part of the things we want to put in place before the removal of subsidy. Subsidy has still not been removed because some of these conditions that were agreed upon have not been met and we’re definitely working assiduously to ensure that all the facilities are in place, the pumping stations and the conversion kits.

I can assure you that work is going on very much in that regard. We may not be in a position to announce exactly what we are doing now or where we are, but I can assure you that work is very much ongoing.”


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