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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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" MOMAN is not interested in hiking fuel price'



By Akinola Ajibade


Major Oil Marketers Association of Nigeria,MOMAN has ruled out the possibility of increasing the price of Petroleum Motoring Spirit (PMS) otherwise known as fuel, despite the scarcity of the product in the country.

Its members include Conoil, AP( Ardova Plc),  MRS, OVH Energy, Total Energies and 11 Plc.

The group, in a statement, made available to the News Mirror at the weekend,  said that it would sympathize with Nigerians, expecially customers over the current challenges encountered in the course of obtaining fuel for their domestic and industrial usage by refusing to increase the price of the product, as against adding to their woes. 

This came, as fuel scarcity bites harder nationwide, with resultant effects on homes, who rely on generators to survive the epileptic supply of electricity in the country.

According to MOMAN, the problem itself is  huge, a development, which informed its decision to see that the product is sold at the pump at prices currently approved by the regulatory authorities in the country.

Continuing further, the group observer that there are queues across the country, stressing that they are caused by exceptional high demand and bottlenecks in the fuel.

Speaking on the issue, the body attributes the cause of fuel scarcity to  shortage and high(US Dollar)costs of daughter vessels for ferrying product from mother vessels to depots along the coast. 

Others,the group, said include inadequate number of trucks to meet the demand to deliver product  from depots to filling stations nationwide and the decision by some marketers ( not MOMAN) to sell the product rates, which they believe are higher and increase their profits.

“These high logistics and exchange rate costs continue to put pressure on prices at the
pump.Over the past three months,staff& management of MOMAN companies have
worked diligently at depots and filling stations to relieve the stress faced by customers
through the Christmas and New year period.

“Our members have again agreed to extend
depot loading hours as well as keep strategically situated service stations open for longer hours to ease access to fuel for our customers.

“A final resolution to these challenges will be the full deregulation of the petroleum
downstream sector to encourage liberalization of supply and long-term investments in
distribution assets.We urge the government to work towards this end goal” 



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