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 National Association of Energy Editors (NAEC) has called on the Federal Government, Nigerian National Petroleum Company Limited (NNPCL), Major Oil Marketers Association of Nigeria ( MOMAN), Independent Petroleum Marketers Association of Nigeria ( IPMAN) and other relevant stakeholders in the country's downstream sub-sector sector to proffer solutions to the lingering fuel crises in the country.
The group, also said in a statement jointly signed by its Chairman and Secretary, Messrs Olu Phillips and John Meze respectively, that it is a high time the National Oil Company, which is also known as (NNPC) to put in a place a transparent subsidy system, with a view to end the persistent fuel scarcity in the country.
It further said that a clearly defined subsidy programmes would end in verifying claims made on payments of imported petroleum products and in the long run, assist in ending the problems.
In the statement, which was made available to News Mirror recently, the body said that the fuel crises, especially scarcity would become a thing of the past in Nigeria, once a transparent subsidy system is in place.
The scarcity, the group said, has resulted in long queues at the filling stations nationwide and its attendant surge in the sales of the product in the
black market in the country.
Reeling out other problems caused by fuel scarcity in Nigeria,said that the current fuel problem, which became intense in the weeks leading to the last Christmas festival, has forced the price of petrol to jump from its official price of N165 per litre to N185 per litre and presently between N300 a litre to N400 a litre, depending on where one procures fuel for consumption.
Industry observers have argued that the price might get to N800 per litre before this June, if nothing is done urgently to to arrest the spiralling increase in price of the product.
Currently, only NNPC is selling fuel below N200 a litre amid scarcity of the product.
Continuing further, the statement said that
marketers for selling fuel at a much higher, but varying prices, stating that the development is having delibetating effects on businesses and homes as they frantically seeking alternative source of electricity to survive the blackouts in Nigeria. Their reasons are not far fetched, considering the complex and highly interwoven socio-economic problems in the country, coupled with the urge to maximise profits.
This is
evident by the fact that one problem led to another in Nigeria.
For instance, the nation is found of moving from
fuel scarcity to shortage of gas to power turbines, which historically provides 70 per cent of electricity consumed by Nigerians to grid collapse to lower generation to capacity utilisation in the manufacturing sector to downsizing and job loss.
Sadly, the country produced 3650 megawatts ( Mw) in January 18th, a figure which is far from 5,000 Mw at most which the country has for years unable to provide.
" Already, the high cost of petrol is impacting the daily cost of living as seen in transportation costs, energy costs as many homes continue to rely on alternative sources of power due to poor supply from the grid, as well as in high costs of goods and services.
The traffic situation across Lagos metropolis and others is also worsening as a result of prolonged fuel queues, causing loss of man hours, that could have been deployed to productive activities" the statement said.
It added that the fuel distribution value chain in Nigeria is broken and worsened by a weak regulatory, stressing that the issue has culminated in long queues across the country.
The statement added that: The situation is bad in Nigeria such that there is no one to hold accountable for the fuel crises; it is worse that the government has jeopardised the interest of the masses, in view of the fact that 2023 elections are near.
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