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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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Rising depot prices causes fuel scarcity, says Marketers


By Akinola Ajibade


The hike in private depot prices is the root cause  of the increase in the pump prices  of Premium Motor Spirit (PMS) in the country, the Independent Petroleum Marketers Association of Nigeria (IPMAN), Vice Chairman in charge of Western Zone, Alhaji Dele Tajudeen, has said.

This is coming on the heels of on-going scarcity of the products in Lagos.

Tajudeen, while condemning the increase, said that there had been increase in depot price of fuel from N148.17 per litre to N178 per litre since last week.

According to him, none of the Nigerian National Petroleum Company Ltd. (NNPC) depots has product and the private depots took advantage of the situation  to hike the price.

“The only option for our members is to opted for private depots to keep our business moving.

“We are totally against the increase because it will affect our profit margins and the masses.

“Some private depots who have product, deliberately, refused to sell for reasons best known them,” he said.

The IPMAN chairman said that the marketers should not be blamed for the increase in pump price, adding that “selling at N170 per litre is not realistic”.

Tajudeen said, “Therefore, our members have no other option than to sell between N195 and N200 per litre within Lagos, Ogun and Oyo states, while we will sell between N200 and N210 in Kwara, Ondo, Osun and Ekiti states.

“Most of the tank farm owners have justified this increase because of different charges, among which is  vessels charges paid in dollars.

“We are equally calling on the management of the Nigerian National Petroleum Company Ltd. (NNPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to investigate the arbitrary increase in fuel price by the private depot owners.

 

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