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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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Scarcity continues as NNPC's stock declines marginally


By Akinola Ajibade


Fuel scarcity may linger for some time, as the Nigerian National Petroleum Company Limited (NNPCL), stock of the product declined marginally by 5,481,239 litres on November 7.

This implies that inability of the state owned Corporation to refill its stock is going to have adverse effects on supply of the product to marketers and consumers in general.

The Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), which dropped the hint in a document titled: “Petroleum Products Stock & Days Sufficiency Data on 7th November, 2022,” said the total stock, which was 1,912725464 litres on 6th November, 2022, dropped marginally to 1,907,244,225 litres on 7th November, 2022.

The NMDPRA based its computation of average daily consumption on 60 million litres.

Whereas the stock sufficiency was previously 30.94 days, it dipped to 30.84 days on 7th November, 2022.

According to the document, the NMDPRA said on 6th November, it had 620,755,085 litres land-based stock that was closing stock less dead stock.

It noted that marine stock at berth plus offshore was 1,235,365,363,288 litres, adding that total stock less dead stock was 1,856,118,373.

The authority said depot dead stock was 56,607,091 litres, totally 1,912,725,464

It noted that 650,939,902 litres was land-based stock that was closing stock less dead stock.

The authority said marine stock at berth plus offshore was 1,199,676,226 litres while depot dead stock was 56,628,097 litres.

Meanwhile, there was not respite for consumers across the country yesterday as scarcity and hike dominated the media.

As our Abuja correspondent monitored the petrol market yesterday, consumers, especially motorists were still groaning over the situation.

Only a few retail outlets were opened to customers recorded with endless queues.

This resulted in a hike in remote and unmonitored filling stations.

Similarly, some vendors sold the product in plastic Jerry can at about 350 per litre.

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